NEW YORK – Endeavor BioMedicines on Monday closed a $101 million Series B financing round led by Ally Bridge Group and Avidity Partners.
Other investors in the round included Perceptive Advisors, Piper Heartland Healthcare Capital, Revelation Partners, Tekla Capital Management, and T. Rowe Price Associates, along with Endeavor's existing investors Omega Funds and Longitude Capital. In announcing the financing, Endeavor also said that Andrew Lam, senior VP of special investments at Ally Bridge Group, and Monal Mehta, a biotech investor at Avidity Partners, will join its board of directors.
The San Diego-based company will use the funds to advance precision oncology drugs in its pipeline, including ENV-101, a Hedgehog signaling inhibitor, and ENV-201, a ULK1/2 inhibitor. ENV-101 is in a Phase II trial involving advanced cancer patients with loss of function mutations in PTCH1, a gene that is part of the Hedgehog pathway. Endeavor is also studying ENV-101 as a treatment for idiopathic pulmonary fibrosis.
Endeavor is exploring ENV-201, which is in preclinical stage, as a potential treatment for KRAS-mutated cancers, specifically tumors that have developed resistance to standard therapies. The drug targets ULK1/2, which plays a role in the cellular recycling process called autophagy that has been linked to drug resistance in these cancers. Endeavor plans to complete investigational new drug application-enabling studies for ENV-201 and move it into the clinic over the next year.
In September, Endeavor licensed ENV-201 from the Salk Institute for Biological Studies and Sanford Burnham Prebys. The company launched in January 2021 after raising $62 million in Series A funding.