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Day One Biopharmaceuticals Raises $130M in Series B Funding

NEW YORK – Day One Biopharmaceuticals, a company developing targeted cancer treatments for children, said on Wednesday it has raised $130 million in a Series B funding round led by RA Capital Management.

Other new investors that participated in the Series B round include Boxer Capital, BVF Partners, Franklin Templeton, Janus Henderson Investors, Perceptive Advisors, T. Rowe Price and Associates, and Viking Global Investors, along with existing investors Canaan, Access Biotechnology, and Atlas Venture.

The funds will help Day One further develop and plan for the commercial launch of its pan-RAF inhibitor DAY101. The drug is being studied in the Phase II FIREFLY-1 trial as a monotherapy to treat children with BRAF-altered low-grade glioma. The San Francisco-based company is also planning to begin a study of DAY101 in adults with solid tumors that have RAF-alterations.

Preliminary results from a Phase I study of DAY101 in children with glioma showed the drug had anti-tumor activity. Of eight patients in the trial with a confirmed RAF-fusion, two achieved a complete response, three had a partial response, and three had stable disease.

"We have made significant and rapid progress since our recent inception, including initiating our first sites for the pivotal FIREFLY-1 study, which has the potential to make DAY101 the first approved targeted therapy for pediatric low-grade glioma, the receipt of FDA Breakthrough Therapy designation for DAY101, and the continued build-out of our senior leadership team," Day One CEO Jeremy Bender said in a statement. "The completion of this financing will enable us to accelerate and expand our efforts even further."

In addition to the funding, Derek DiRocco, a partner at RA Capital Management, will join Day One's board of directors. Since its founding in 2019, Day One has raised more than $190 million from investors.