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Thursday, Nov 30, 2023

Erasca Brings in Big Series A

Erasca, founded on the bold goal of developing a new generation of oncology drugs, raised an additional $22 million as part of a Series A round.

Factoring in the original $42 million raise, the Series A round totaled $64 million.

The funding will aid the San Diego-based company’s efforts to license compounds in development. It will also advance the buildout of Erasca’s artificial intelligence platform, positioned by the company as a way to discover and develop oncology drugs designed to not only treat cancer, but cure it.

“Because cancer is such a formidable foe, we are committed to leveraging all available tools to beat it, including supplementing our in-house efforts with both external innovation and in silico approaches like machine learning,” said Jonathan E. Lim, Erasca’s executive chairman and co-founder, in a statement.

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Erasca said it has multiple programs underway for undisclosed targets that drive cancer.

New investors in the Series A round included Arch Venture Partners, Andreessen Horowitz, Reneo Capital, and other private and strategic investors.

Lim helmed Ignyta, which sold for $1.7 billion to Roche in late 2017. He’s part of a crop of biotech superstars that helped catapult the region to new fundraising heights in 2018, the focus of a San Diego Business Journal article last month.


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