BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the
“Company”), a commercial-stage biopharmaceutical company focused on
genetic diseases and cancers, has announced the completion of a
$200M private financing of its former subsidiary, TheRas, Inc.
d/b/a BridgeBio Oncology Therapeutics (BBOT), to accelerate the
development of its oncology portfolio. The oversubscribed financing
was led by Cormorant Asset Management and co-led by Omega Funds
with participation from affiliates of Deerfield Management, GV
(Google Ventures), EcoR1 Capital, Wellington Management, Enavate
Sciences, Surveyor Capital (a Citadel company), Aisling Capital,
Casdin Capital, and Longwood Fund.
BBOT will be advancing three initial programs:
- BBO-8520, a direct inhibitor of KRASG12C that
binds to both the ON and OFF states of the protein; BBOT is
currently enrolling patients in the ONKORAS-101 trial for patients
with KRASG12C mutant non-small cell lung cancer
- BBO-10203, a PI3Kα:RAS breaker that blocks the
specific interaction between RAS and PI3Ka to inhibit PI3Kα / AKT
effector signaling in tumors while bypassing glucose metabolic
signaling to avoid hyperglycemia; BBOT expects to file an
Investigational New Drug application (IND) for BBO-10203 in Q2 2024
and, subject to clearance of the IND, will begin enrolling patients
later this year
- BBO-11818, a pan-KRAS inhibitor that targets
both the ON and OFF states of KRASG12X for which BBOT expects to
file an IND in early 2025
In addition to these assets, BBOT will continue to undertake a
robust discovery-stage research program focused on targeting
additional oncogenic drivers within the RAS and PI3K pathways.
BridgeBio Oncology Therapeutics will be led by Eli Wallace, PhD,
as CEO and Pedro Beltran, PhD, as CSO. “We are excited to progress
our portfolio of novel small molecules to treat patients suffering
from RAS pathway malignancies. In conjunction with BridgeBio and an
amazing suite of investors, we look forward to seeing all three of
our programs progress into the clinic over the next 12 months,”
said Dr. Wallace.
The Board of Directors of BBOT will be chaired by Frank
McCormick, PhD, David A. Wood Distinguished Professor of Tumor
Biology and Cancer Research at UCSF and advisor to the National
Cancer Institute’s RAS Initiative at Frederick National Laboratory
for Cancer Research. Raymond Kelleher, MD, PhD, Managing Director,
Cormorant Asset Management, Michelle Doig, Partner, Omega Funds,
and Neil Kumar, PhD, CEO of BridgeBio, will serve as directors.
“I’m thrilled to partner with BridgeBio and this stellar
investor syndicate to advance BBOT’s unique portfolio of precision
oncology assets targeting RAS-driven cancers,” said lead investor
Raymond Kelleher, MD, PhD, of Cormorant Asset Management. “BBOT’s
innovative chemical biology approaches to inhibit a wide spectrum
of KRAS mutations in both the “on” and “off” states, as well as
bypass mechanisms exploiting PI3K signaling, promise to transform
the treatment of this important class of cancers.”
“We are very excited about BBOT’s pipeline of potential
first-in-class assets and to join a team of world class experts in
RAS-driven malignancies, who we believe are positioned to have
significant positive impact on cancer patients and build
stakeholder value,” added Michelle Doig from Omega Funds.
About TheRas, Inc. d/b/a BridgeBio Oncology
Therapeutics
BridgeBio Oncology Therapeutics is a clinical-stage
biopharmaceutical company advancing a next generation pipeline of
novel small molecule therapeutics targeting RAS and PI3K
malignancies. Initially formed as a subsidiary of BridgeBio,
BridgeBio Oncology Therapeutics completed a $200M private financing
with external investors in 2024 with the goal of improving outcomes
for patients with cancers driven by the two most prevalent
oncogenes in human tumors. For more information visit
bridgebiooncology.com.
About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. is a commercial-stage biopharmaceutical
company founded to discover, create, test, and deliver
transformative medicines to treat patients who suffer from genetic
diseases and cancers with clear genetic drivers. BridgeBio’s
pipeline of development programs ranges from early science to
advanced clinical trials. BridgeBio was founded in 2015 and its
team of experienced drug discoverers, developers and innovators are
committed to applying advances in genetic medicine to help patients
as quickly as possible. For more information visit bridgebio.com
and follow us on LinkedIn and Twitter.
BridgeBio Pharma, Inc. Forward-Looking
Statements
This press release contains forward-looking statements.
Statements in this press release may include statements that are
not historical facts and are considered forward-looking within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the Securities Act), and Section 21E of the Securities Exchange
Act of 1934, as amended (the Exchange Act), which are usually
identified by the use of words such as “anticipates,” “believes,”
“continues,” “estimates,” “expects,” “hopes,” “intends,” “may,”
“plans,” “projects,” “remains,” “seeks,” “should,” “will,” and
variations of such words or similar expressions. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act and Section 21E of the Exchange Act. These
forward-looking statements, including statements relating to the
clinical, therapeutic and market potential of BBOT’s programs and
product candidates, including the status and progress of
enrollments in clinical trials, planned IND filings, the
commencement of planned clinical trials, the progress of
discovery-stage research activities, and the timing thereof, and
the cash runway, financial performance, strategy, business plans
and goals of BBOT, reflect our current views about BBOT’s plans,
intentions, expectations and strategies, which are based on the
information currently available to us and on assumptions we have
made. Although we believe that the plans, intentions, expectations
and strategies as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that the plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a number of risks, uncertainties and
assumptions, including, but not limited to, initial and ongoing
data from BBOT’s preclinical studies and clinical trials not being
indicative of final data, the potential size of the target patient
populations BBOT’s product candidates are designed to treat not
being as large as anticipated, the design and success of ongoing
and planned clinical trials, future regulatory filings, approvals
and/or sales, the impacts of current macroeconomic and geopolitical
events, including changing conditions from hostilities in Ukraine
and in Israel and the Gaza Strip, increasing rates of inflation and
rising interest rates, on the business operations and expectations
regarding BBOT, as well as those risks set forth in the Risk
Factors section of our most recent Annual Report on Form 10-K and
our other filings with the U.S. Securities and Exchange Commission.
Moreover, we operate in a very competitive and rapidly changing
environment in which new risks emerge from time to time. These
forward-looking statements are based upon the current expectations
and beliefs of our management as of the date of this press release,
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. Except as required by applicable law,
we assume no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
BridgeBio Oncology Therapeutics Contact:
Idan ElmelechSenior Vice President, Strategy & Business
DevelopmentIdan.Elmelech@bridgebiooncology.com(650) 405-7021
BridgeBio Contact:
Vikram Balicontact@bridgebio.com(650) 789-8220
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