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Biotechnology News Magazine

OnKure Raises $55 Million Series B Funding

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OnKure, Inc., is a privately-held biopharmaceutical company developing best-in-class, targeted oncology therapeutics.

Today they announced that it has raised $55 million in a Series B financing. Proceeds will be used to advance the Company’s next-generation histone deacetylase (HDAC) inhibitors further into clinical development and fund a growing pipeline of earlier-stage molecules.

Financing was led by Acorn Bioventures with participation from additional new investors Cormorant Asset Management, Surveyor Capital (a Citadel company), Samsara BioCapital, Perceptive Advisors and funds and accounts managed by BlackRock.

In connection with the financing, Isaac Manke, Ph.D., Partner at Acorn Bioventures, and Andrew Phillips, Ph.D., Managing Director at Cormorant Asset Management, will join the OnKure board of directors.

“I am grateful for the financial and strategic support from our new investors that will allow OnKure to accelerate the discovery and development of a robust pipeline focused on epigenetic regulation, delaying resistance and synthetic lethality” commented Tony Piscopio, Ph.D., Co-founder, President and Chief Executive Officer of OnKure. “Similar to the value accreting strategy we used at Array BioPharma in terms of discovering and developing best in class kinase inhibitors, OnKure is applying this rationale to HDAC inhibitors – a field in long need of quality molecules and a focused development strategy.”

“OnKure has assembled a senior management team with a proven track record in drug discovery and development that has ultimately delivered better outcomes for cancer patients” commented Isaac Manke, Ph.D., Partner at Acorn Bioventures. “We are excited to partner with this team of industry veterans as they advance OnKure’s best-in class HDAC inhibitor OKI-179 in the clinic and expand its discovery capabilities.”

“We are pleased to join other investors in supporting the accomplished leadership team at OnKure as they build a pipeline of innovative medicines directed toward significant patient needs in oncology” added Andrew Phillips, Ph.D., Managing Director at Cormorant Asset Management.

Solebury Capital served as financial advisor to OnKure for the offering.

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