[Funding news] CA-based 858 Therapeutics Secures $50Million in Series B Round Funding

858 Therapeutics, a biotechnology and drug discovery company, raised $50M in Series B funding. The round was led by Avidity Partners with participation from Insight Partners, Mirae Asset Capital, and Alexandria Venture Investments, as well as existing investors Versant Ventures, NEA, and Logos Capital. As part of the financing, Monal Mehta, Ph.D., Managing Director at Avidity Partners, will join the company’s Board of Directors.

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The company intends to use the funds for ongoing clinical development of PARG inhibitor ETX-19477 and further advancement of its pipeline. Led by CEO Jeffrey Stafford, 858 Therapeutics is a biotechnology and drug discovery company developing a portfolio of small molecule therapeutics directed against novel oncology and immunology targets.

Its lead programs focus on important nodes in cancer biology, including DNA damage repair, innate immunity, and RNA epigenetics, and expands on decades of drug discovery experience by the founders.

The company’s lead asset, ETX-19477, is a potent and selective inhibitor of the DNA repair protein PARG and is currently being evaluated in patients with advanced solid tumors. Data from the ongoing clinical trial will provide insights for advancing ETX-19477 through clinical development and for understanding the patients who may benefit most from PARG inhibition.

Jeffrey Stafford, Ph.D., CEO of 858 Therapeutics said, “We are pleased to have strong backing from an elite group of life science investors,”“The Series B financing is a testament to the 858 team and the progress we’ve made across our portfolio, including the advancement of our PARG inhibitor ETX-19477 into the clinic.”

About 858 Therapeutics

858 Therapeutics is a biotechnology and drug discovery company developing a portfolio of small molecule therapeutics directed against novel oncology and immunology targets. Its lead programs focus on important nodes in cancer biology, including DNA damage repair, innate immunity, and RNA epigenetics, and expands on decades of drug discovery experience by the founders. 858 is headquartered in the biotech hub of San Diego, CA.