NEW YORK – Monte Rosa Therapeutics on Friday said it has closed a $95 million Series C funding round led by Avoro Capital Advisors.
Other new investors that participated in the round include Fidelity Management & Research, funds and accounts managed by BlackRock, funds and accounts advised by T. Rowe Price, and RTW Investments. Monte Rosa's existing investors that also participated in the financing included Versant Ventures, New Enterprise Associates, Aisling Capital, Cormorant Asset Management, HBM Healthcare Investments, GV, Amzak Health, Sixty Degree Capital, Casdin Capital, and Cambridge Asset Management.
The Boston-based biotech will use the funding to improve its protein degrader platform and use it to develop small molecule therapies that degrade undruggable proteins driving genomically defined cancers and other diseases.
Monte Rosa's first candidate will target GSPT1, a protein implicated across a range of solid tumors, the company said. GSPT1 is a synthetic lethal target in the context of subsets of tumors that are driven by the MYC family of transcription factors. Monte Rosa CEO Markus Warmuth said the company plans to begin IND-enabling studies this year.
"With extensive and compelling in vivo data in hand, we are confident in the potential of our molecular glue-based targeted protein degradation platform to deliver breakthrough small molecule therapeutics," Warmuth said in a statement. "As we prepare to initiate IND-enabling studies on our lead candidate later this year, and with additional programs transitioning into lead optimization, we are thrilled to have the continued support of such a strong group of new and existing investors who share in our vision. We are excited to build on our early successes to further expand our platform, targeting disease-causing proteins that have been impossible to drug across multiple therapeutic indications."
The company launched in 2020 from Versant Ventures' Ridgeline Discovery Engine incubation program and previously raised a combined $128 million in two earlier funding rounds.