Israeli-American precision oncology startup, Fore Biotherapeutics, secured $75 million for its Series D funding round, co-led by SR One and Medicxi. Participating investors include OrbiMed, HBM Healthcare Investments, Novartis Venture Fund, 3B Future Health Fund, Cormorant Asset Management, Wellington Management and Samsung Securities.
According to its SEC filing, the startup intended to raise $162 million for the round.
Fore Biotherapeutics' funding injection will be allocated to accelerating the clinical development of Plixorafenib, their investigational, oral selective inhibitor targeting BRAF alterations. This follows recent favorable data from the Phase 1/2a trial presented at the American Society of Clinical Oncology (ASCO) meeting. It demonstrated that Plixorafenib shows antitumor activity and favorable tolerability in patients with advanced BRAF-altered tumors.
Additionally, effective September 1 of this year, Matthew E. Ros will step down as CEO and from his position on the Board of Directors. Shawn M. Leland, PharmD, RPh, a current advisor to SR One and former Founder, President, and CEO of Elevation Oncology, will assume the role of interim CEO. He has also been appointed to the company's Board of Directors and will oversee the company’s daily operations in cooperation with the existing management team until a new CEO is appointed.
FORE Biotherapeutics (formerly NovellusDX) develops cancer therapies based on their proprietary functional genomics platform. The Series D round brings their total funding to $148 million.
