858 Therapeutics Lands $50 Million Series B
San Diego-based biotech company, 858 Therapeutics, just landed $50 million in a Series B funding round, with heavyweights like Avidity Partners, Insight Partners, and Mirae Asset Capital leading the charge.
The fresh infusion of capital is a clear signal that investors are betting big on the company’s innovative approach to cancer treatment.
What’s 858 Therapeutics doing with all that cash?
They’re advancing their flagship drug, ETX-19477, which targets the DNA repair protein PARG—a novel approach in the battle against cancer.
ETX-19477 is currently being tested in patients with advanced solid tumors as part of a Phase 1 trial.
This study aims to figure out the drug’s optimal dose, safety, and efficacy, and so far, things seem promising.
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.”
The company plans to use the new funding to push ETX-19477 through clinical trials, potentially giving patients with certain genetic alterations hope for more effective treatment options.
Once the best dose is identified, they’ll start Phase 2 trials focused on specific tumor types. And let’s face it—any breakthrough here could be a game changer in oncology.
Leading the investment, Avidity Partners has high hopes for 858, with their managing director Monal Mehta joining the company’s board.
Mehta’s excitement about partnering with the company feels justified, given the buzz around ETX-19477’s potential.
As biotech stocks dance around amidst fluctuating market conditions, 858 Therapeutics’ recent fundraising success shows investors are still bullish on companies offering cutting-edge solutions to complex health problems.
Could this be a biotech breakthrough in the making?
Only time—and more clinical trials—will tell.
For now, the company continues to innovate, hoping to turn the tables in cancer care. Let’s just hope that $50 million leads to more than just fancy lab coats!
