NEW YORK – Frontier Medicines said on Monday it has raised $88.5 million in a Series B financing round led by Woodline Partners and RA Capital Management.
New investors that participated in the round included Deerfield Management Company, Deep Track Capital, ArrowMark Partners, Driehaus Capital Management, and Sphera Healthcare. Frontier's existing investors DCVC, Droia Ventures, and MPM Capital also participated. Concurrent with the funding, Derek DiRocco, partner at RA Capital Management, joined Frontier's board of directors.
The South San Francisco-based company will use the funding to advance precision oncology drug candidates in its pipeline, including a lead agent focused on inhibition of the active and inactive forms of KRAS G12C and two undisclosed candidates. Frontier is also developing two oncology and immunology therapy programs with AbbVie focused on E3 ligases and other oncology and immunology targets.
The company, which launched two years ago after raising $67 million in a Series A funding round, also announced plans to open an office and R&D facility in Boston.