NEW YORK – Quanta Therapeutics on Tuesday said it has raised $60 million in an oversubscribed Series C financing round led by Surveyor Capital and Vida Ventures.
The round included participation from new investors Longitude Capital and BVF Partners, along with existing investors Sofinnova Investments, Logos Capital, AbbVie Ventures, and Vida Ventures.
Quanta, based in San Francisco, will use the funding to advance development of its programs targeting RAF1 and KRAS mutations through initial proof of concept, with the next steps being clinical candidate selection and an investigational new drug application filing. In preclinical research presented this year, Quanta's molecules showed activity and inhibited tumor growth in RAS/RAF-mutated cell lines.
Quanta said it believes its second-generation KRAS inhibitors will be able to target other mutations than KRAS G12C and may be able to overcome resistance to earlier KRAS inhibitors by targeting RAS active conformation across all mutant forms.
"As all oncogenic forms of RAS undergo conformational change to drive functional effector protein-protein interactions, there was a clear Achilles' heel in targeting these shared interactions in the active conformation with our platform," Cameron Pitt, chief business officer at Quanta, said in a statement.
Quanta was founded in 2018 and has raised $92 million in funding, including the latest financing.