ORIC Pharma raises another $50 million to support cancer program
ORIC Pharmaceuticals, a US clinical-stage oncology company focused on discovery and development of novel therapies against treatment-resistant cancers, has completed a $50 million Series C preferred stock financing. This financing brings the total equity capital the company has raised to over $119 million.
Proceeds from the investment will be used to support clinical studies of the company's lead asset, ORIC-101, which is a potent small molecule inhibitor of the glucocorticoid receptor (GR) and the subject of an ongoing Phase I study, ORIC noted.
The company plans to further pursue clinical development of ORIC-101 in patients with treatment-resistant solid tumors, in combination with immuno-oncology treatments and with chemotherapy. The investment also will support the ORIC's research and pipeline programs targeting mechanisms of resistance in cancer.
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