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OnKure closes Series C at $54M

BOULDER — OnKure Inc. a precision oncology company, has closed a $54 million Series C financing round, short of what it had hoped would be a $60 million drive.

The financing was led by Surveyor Capital (a Citadel company) with participation from new investor Deep Track Capital, as well as existing investors Acorn Bioventures, Cormorant Asset Management, Perceptive Advisors, Samsara BioCapital, funds and accounts managed by BlackRock, and other undisclosed investors.

The company had reported to the Securities and Exchange Commission in April that it had hoped to extend its round to reach $60 million. 

OnKure, headquartered at 6707 Winchester Circle in the Gunbarrel neighborhood of northeast Boulder, raised $3.26 million in a Series A-1 investment in 2020 and  $55 million in a round of Series B fundraising in 2021. Its therapeutics division expanded its workspace with the opening of a new research laboratory in April 2021.

Proceeds from the financing will be used to support the development of OnKure’s pipeline of precision medicines, including the advancement of its lead discovery program OKI-219, a selective PI3K alpha H1047R inhibitor, into the clinic.

“We are delighted to be working with our new and existing investors to achieve our vision of developing the next generation of tumor-agnostic, oncology precision medicines,” Tony Piscopio, co-founder, president and CEO of OnKure said in a written statement. “Our team of drug discovery veterans are actively exploring a pipeline of novel oncogene-targeted programs designed to achieve optimal tolerability and efficacy. We look forward to filing our second IND in 2023 and advancing OKI-219 into clinical development early next year.”

“OnKure is at the forefront of innovation in the oncology space,” said Isaac Manke, a partner at Acorn Bioventures and chairman of OnKure. “We are proud to have participated in this Series C financing to enable this team of industry leaders to be able to continue to bring new cancer therapies to patients around the world.”

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2023 BizWest Media LLC.

Source: BizWest