SpringWorks Therapeutics Completes $125 Million Series B Financing
Financing Round Led by Perceptive Advisors
Three Clinical Trials Expected to Commence in the First Half of 2019, Including Two Late-Stage Rare Oncology Programs and First Targeted Oncology Program in Collaboration with BeiGene
STAMFORD, Conn.--(BUSINESS WIRE)--SpringWorks Therapeutics, Inc. (the “Company”), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today announced the closing of a $125 million Series B preferred stock financing led by Perceptive Advisors. New investors participating in this financing include Boxer Capital of Tavistock Group, HBM Healthcare Investments, BVF Partners, Surveyor Capital (a Citadel company), Samsara BioCapital, ArrowMark Partners, GlaxoSmithKline (NYSE: GSK), and Laurion Capital Management, as well as several other long-term institutional investors. All of the Company’s existing investors - OrbiMed, Bain Capital, Pfizer (NYSE: PFE), via Pfizer Ventures, and LifeArc - also participated in the offering.
Proceeds from the financing will be used to advance the Company’s two late-stage rare disease oncology programs towards potential regulatory approval and commercialization: nirogacestat, a gamma secretase inhibitor for the treatment of desmoid tumors, and PD-0325901, a MEK inhibitor for the treatment of neurofibromatosis type 1-associated plexiform neurofibromas. The proceeds will also support the continued expansion of the Company’s emerging targeted oncology programs, as well as future in-licensing opportunities and clinical collaborations in rare diseases and cancer.
“This financing from a committed, knowledgeable and distinguished investor syndicate, which includes new and existing investors as well as key industry partners, underscores the progress we’ve made to advance our late-stage clinical programs towards pivotal studies, execute on our initial business development strategy, and build upon our leading drug development operations,” said Saqib Islam, Chief Executive Officer of SpringWorks Therapeutics. “We are well positioned to continue to execute on our strategy to build a leading rare disease and targeted oncology company that brings promising science to underserved patient communities.”
“We are excited to partner with SpringWorks Therapeutics as they build a differentiated rare disease and targeted oncology company, and we look forward to supporting the team as they work towards achieving product approvals over the coming years,” said Adam Stone, Chief Investment Officer of Perceptive Advisors, LLC.
About SpringWorks Therapeutics
At SpringWorks Therapeutics, a clinical-stage biopharmaceutical company, we are driven to develop life-changing medicines for patients with severe rare diseases and cancer. Since our launch in 2017, we have worked to identify and advance promising science, beginning with our licensed clinical therapies from Pfizer Inc. We pioneer efficient pathways for drug development, leveraging shared-value partnerships with patient advocacy groups, innovators in industry and academia, and investors so that together, we can unlock the full potential of science for patients. Two of our therapies will be entering potentially pivotal studies in the first half of 2019: nirogacestat, a gamma secretase inhibitor for the treatment of desmoid tumors, and PD-0325901, a MEK 1/2 inhibitor for neurofibromatosis type 1 patients with plexiform neurofibromas. PD-0325901 also holds promise as the backbone for combination therapies to treat metastatic solid tumors. At SpringWorks Therapeutics, we ignite the power of promising science to unleash new possibilities for patients. For more information, please visit www.springworkstx.com.
About Perceptive Advisors
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive, visit www.perceptivelife.com.
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