Scorpion Therapeutics, Inc. (“Scorpion”), a pioneering clinical-stage oncology company dedicated to transforming the lives of cancer patients by redefining the frontier of precision oncology, today announced the closing of a $150 million Series C financing.
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The financing was co-led by Frazier Life Sciences and Lightspeed Venture Partners, and included additional new support from Willett Advisors and leading healthcare institutional investors, along with existing investors Omega Funds, Vida Ventures, Atlas Venture, Abingworth, Fidelity Management & Research Company, Boxer Capital, EcoR1 Capital, LLC, Surveyor Capital (a Citadel company), Invus, Wellington Management, Nextech Invest Ltd. (on behalf of one or more funds managed by it), OrbiMed, Logos Capital, Woodline Partners LP, and Casdin Capital, LLC. In connection with the financing, Shelley Chu, M.D., Ph.D., Partner at Lightspeed Venture Partners, will transition to an investor board member and Albert Cha, M.D., Ph.D., Managing Partner at Frazier Life Sciences, will join Scorpion Therapeutics’s board as an observer.
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“The robust demand for this capital raise is a testament to Scorpion’s continued clinical execution, the strength of our emerging clinical data, and the quality of our rapidly advancing pipeline,” said Adam Friedman, M.D., Ph.D., Chief Executive Officer of Scorpion. “We are pleased to strengthen the Company’s financial position and expand Scorpion’s existing blue-chip investor syndicate with these additional leaders in life sciences who share our commitment to improving outcomes for people living with cancer by broadening the reach and impact of precision medicines.”
“At Frazier Life Sciences, our goal is to invest in and develop transformational therapeutics companies. Scorpion continues to display an impressive track record of developing potentially best-in-class and first-in-class selective small molecule compounds for cancer,” said Dr. Albert Cha. “With the combination of Scorpion’s clinical progress, advancing pipeline, validating partnerships and veteran leadership team, we believe the Company is well-positioned to rapidly develop therapeutics that will make a meaningful difference in patients’ lives.”
“Lightspeed is pleased to support Scorpion through this important next phase of growth,” said Dr. Shelley Chu. “The team has made remarkable progress since inception, and we believe Scorpion’s targeted approach may be able to overcome the selectivity challenges that plague existing treatment options, ultimately providing better outcomes to patients by offering improvements in both efficacy and safety. In particular, Scorpion’s mutant-selective PI3Kα inhibitor, STX-478, has the potential to become a best-in-class treatment for patients with PI3Kα-mutated breast cancer and other solid tumors, and we look forward to partnering with management to further explore STX-478 in mid-stage clinical trials.”
Scorpion Therapeutics plans to use the proceeds from this financing to advance its pipeline of differentiated small molecule oncology programs, in particular, to expand clinical development of its allosteric, differentiated, mutant-selective PI3Kα inhibitor, STX-478. Further, the Company will continue to advance its clinical-stage EGFR inhibitor franchise, including STX-721 and STX-241, and its discovery pipeline of next-generation precision oncology therapies.
About Scorpion Therapeutics
Scorpion Therapeutics is a pioneering clinical-stage oncology company redefining the frontier of precision medicine to deliver optimized and transformational therapies for larger populations of patients with cancer. Scorpion has built a proprietary and fully-integrated platform of the most advanced technologies across cancer biology, medicinal chemistry, and data sciences, with the goal of consistently and rapidly creating exquisitely selective small molecule compounds against an unprecedented spectrum of targets. Scorpion Therapeutics aims to leverage its platform to advance a broad pipeline of wholly-owned, optimized compounds across three target categories: best-in-class molecules targeting validated oncogene targets; first-in-class molecules for previously undruggable targets; and first-in-class molecules for novel cancer targets.
