Serial biotech entrepreneur Jonathan Lim is back at it.
Roughly a year after Lim-led Ignyta sold for $1.7 billion, he’s the executive chairman and co-founder of newly launched Erasca. The company took in a $42 million series A round to develop oncology drugs intended to “not just treat, but actually cure cancer,” said a press release.
That bold pronouncement didn’t come with much in the way of specifics, including which cancers are being targeted. In an interview with the San Diego Business Journal, Lim said more would be disclosed as its programs move into human clinical trials.
Following Roche’s purchase of Ignyta and its cancer drug, Lim took a few months off, including time off the grid. But biotech called again upon coming across “exciting work at an academic center,” he said.
“I was very excited about applying this approach to precision oncology to some undisclosed targets,” he said, declining to go into further detail. “A lot of the former biologists and chemists from Ignyta banded together.”
Lim has co-founded, funded and helmed other ventures, including Bonti (bought by Allergan), Eclipse Therapeutics (acquired by Bionomics) and Halozyme Therapeutics.
The financing was co-led by founding investors City Hill Ventures and Cormorant Asset Management, and joined by additional institutional and individual investors. Lim is the founder and managing partner of City Hill Ventures, and is a venture partner at Arch Venture Partners, making him a “venturepreneur.”
He’ll run Erasca as executive chairman until the company needs a CEO, according to a company spokesman.
Other notable names on board: Gary Yeung as chief business officer and Robert Shoemaker as vice president of biology.