Endeavor BioMedicines, a clinical-stage biotechnology company targeting the core drivers of terminal diseases including oncology and fibrosis, has announced the completion of a $101 million Series B financing, led by Ally Bridge Group and Avidity Partners.
New investors participating in the round include Perceptive Advisors, Piper Heartland Healthcare Capital, Revelation Partners, funds managed by Tekla Capital Management LLC, and funds and accounts advised by T. Rowe Price Associates, Inc. Existing investors Omega Funds and Longitude Capital also participated.
Proceeds will support the advancement of Endeavor’s pipeline programs, including ENV-101 (taladegib), a small molecule inhibitor of the PTCH1 receptor in the Hedgehog signaling pathway for the treatment of cancer and idiopathic pulmonary fibrosis (IPF), as well as ENV-201, a potentially best-in-class small molecule inhibitor of ULK1/2 for the treatment of KRAS-driven cancers.
“Endeavor BioMedicines is developing precision medicines targeting the genetic culprits of cancer and fibrosis,” said John Hood, Ph.D., co-founder, CEO and chairman of Endeavor BioMedicines.
“Researchers have investigated Hedgehog and ULK1 signaling pathways over the last decade, but now we have the understanding and capability to identify the patients who will benefit most from them. The capital raised from a committed, top-tier investor syndicate enables us to deliver the right drug to the right patients in order to get the best clinical outcome.”
As part of the financing, Andrew Lam, Pharm.D. (Ally Bridge Group) and Monal Mehta, Ph.D. (Avidity Partners) will join John Hood, Ph.D. (Board Chair), Bernard Davitian (Omega Funds), and Patrick Enright (Longitude Capital), on the board.
“Endeavor is led by a proven and experienced management team with a track record of value creation of underappreciated assets,” said Andrew Lam.
“We are proud to be supporting a great team that has advanced an exciting pipeline of precision medicines in a short amount of time to deliver disease-modifying therapies for patients,” said Monal Mehta.