Alterome Therapeutics Raises $132 Million in Series B Financing Led by Goldman Sachs Alternatives
Alterome Therapeutics, Inc. secures $132 million in Series B financing to advance precision oncology programs into clinical development. The financing, led by Goldman Sachs Alternatives, will support the development of AKT1 E17K and KRAS selective inhibitors. The company aims to target cancer-causing mutations previously deemed undruggable.
The completion of Alterome Therapeutics' Series B funding round, amounting to $132 million, represents a significant capital infusion for the company's strategic development. The participation of notable investment firms, including Goldman Sachs Alternatives, underscores the potential investors see in Alterome's precision oncology approach. This financing allows the company to progress two key drug candidates into clinical development, which could catalyze further value creation if clinical milestones are achieved. It's important to monitor the burn rate and subsequent funding needs, as clinical trials are cash-intensive and outcomes are uncertain. The market will likely react to this news with optimism, as it signals confidence in Alterome's pipeline and the growing interest in targeted cancer therapies.
Alterome's focus on AKT1 E17K and KRAS inhibitors could fill a significant unmet need in oncology, given these mutations' roles in various cancers. The company's Kraken platform, which combines structure-guided drug discovery with machine learning, is particularly noteworthy for its potential to accelerate the drug development process. The precision medicine approach is increasingly important in oncology and successful clinical trials could not only benefit patients with limited treatment options but also position Alterome favorably in a competitive market. However, the path from preclinical to clinical success is fraught with challenges and the efficacy and safety profiles of these inhibitors will be important determinants of their future market potential.
Alterome's strategic direction in the precision oncology space is in line with industry trends towards developing targeted therapies. The entry of two next-generation programs into clinical development within the next 12 months could position Alterome as a frontrunner in the field, provided the trials demonstrate positive outcomes. The biotech sector is particularly sensitive to clinical trial results, which can significantly impact company valuations. Stakeholders should keep an eye on Alterome's progress, as positive data could lead to partnerships, licensing deals, or even acquisition interest from larger pharmaceutical companies seeking to bolster their oncology portfolios.
04/03/2024 - 06:00 AM
Proceeds support advancement of two next-generation precision oncology programs into clinical development within 12 months
Financing led by Goldman Sachs Alternatives with participation by Canaan Partners, Driehaus Capital Management, Invus, Digitalis Ventures, Blue Owl Capital, and existing investors
SAN DIEGO --(BUSINESS WIRE)--
Alterome Therapeutics, Inc. , a biopharmaceutical company pioneering the development of next generation, small molecule targeted therapies for the treatment of cancer, today announced the closing of a $132 million
The financing was led by Goldman Sachs Alternatives, with participation by Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, and existing investors Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures. Concurrent with the financing, Josh Richardson, M.D., a Managing Director within Life Sciences Investing at Goldman Sachs Alternatives, and Uwe Schoenbeck, a Partner at Canaan Partners, were named to the Board of Directors.
“We are pleased with a financing of this magnitude that enables Alterome to advance multiple programs into the clinic within the next 12 months,” said Eric Murphy, Ph.D., co-founder and CEO of Alterome Therapeutics. “The precision oncology field has arrived at a special moment with the exciting evolution of both drug discovery and precision medicine. A unique integration of structure-guided drug discovery with deep translational biology is facilitating the development of novel therapies that address previously inaccessible proteins. We are thrilled to have the support of this visionary group of new and existing investors, who share our enthusiasm to face the challenge of targeting well-known cancer-causing mutations deemed undruggable for the previous 20 years.”
Leveraging its Kraken platform, a structure-guided machine learning approach to drug discovery, the company is advancing a pipeline of precision, small molecule therapies targeting a broad spectrum of validated oncogenic targets. Alterome’s founding mission focused on mutation-selective and isoform-selective approaches designed to specifically target cancer cells over normal cells, enabling greater inhibition of key cancer drivers while simultaneously enhancing the therapeutic safety profile. The preclinical pipeline features a covalent AKT1 E17K mutation-selective inhibitor and a KRAS isoform-selective inhibitor targeting 90% of KRAS mutations including the most common mutations G12V and G12D. These two lead programs are designed for patients with limited treatment options and are expected to begin clinical testing over the next year.
“Alterome is advancing an exciting portfolio of therapies targeting validated oncogenic drivers, with clear paths to early clinical signals,” said Dr. Josh Richardson, Managing Director within Life Sciences Investing at Goldman Sachs Alternatives. “Goldman Sachs is excited to join this exceptional group of investors to support the company in delivering a new class of precision oncology drugs that enable cancer patients to live longer and better lives.”
About Alterome Therapeutics, Inc.
Alterome Therapeutics, Inc. is a precision oncology biotech developing alteration-specific therapeutics to address high-value and validated oncogenic drivers. The company is led by an expert team of precision oncology R&D leaders with a history of developing marketed oncology small molecule drugs.
For more information, visit www.alterome.com .
Follow us on LinkedIn and Twitter .
About Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion $2.8 trillion
Follow us on LinkedIn .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240403342221/en/
Investors:
Scott@alterome.com
Media:
alterome@argotpartners.com
Source: Alterome Therapeutics, Inc.
What is the purpose of Alterome Therapeutics, Inc.'s $132 million Series B financing?
The financing aims to support the advancement of multiple wholly-owned pipeline programs into the clinic, including a highly specific AKT1 E17K inhibitor and a KRAS selective inhibitor.
Who led the financing for Alterome Therapeutics, Inc.?
The financing was led by Goldman Sachs Alternatives.
What is the focus of Alterome Therapeutics, Inc.'s precision oncology programs?
The precision oncology programs target cancer-causing mutations previously deemed undruggable, utilizing structure-guided drug discovery and deep translational biology.
Which investors participated in Alterome Therapeutics, Inc.'s Series B financing?
Investors such as Canaan Partners, Invus, Driehaus Capital Management, Digitalis Ventures, Blue Owl Capital, Orbimed, Nextech Invest, Vida Ventures, Boxer Capital, and Colt Ventures participated in the financing.
What are the lead programs in Alterome Therapeutics, Inc.'s pipeline?
The lead programs include a covalent AKT1 E17K mutation-selective inhibitor and a KRAS isoform-selective inhibitor targeting 90% of KRAS mutations.
