Antares Therapeutics Debuts with $177M for Precision Cancer Medicines

Antares Therapeutics, Inc. has officially launched as a biotechnology company dedicated to developing innovative precision medicines targeting cancer and other serious diseases. The launch is supported by a significant Series A financing round amounting to $177 million. This funding was backed by major investors Omega Funds, Atlas Venture, Lightspeed Venture Partners, BVF Partners, and Cormorant Asset Management, along with contributions from Vinyanshu Ventures, Abingworth, Invus, Tenmile, Vida Ventures, and Willett Advisors.

Originating as a spin-out from Scorpion Therapeutics, Antares Therapeutics inherits a wealth of expertise and resources. Scorpion Therapeutics notably sold its mutant-selective PI3Kα inhibitor program, STX-478, to Eli Lilly and Company for a potential total consideration of $2.5 billion. Founded in 2020, Scorpion Therapeutics had accumulated $420 million in financing and formed partnerships with several pharmaceutical firms, producing six development candidates, three of which are undergoing clinical testing. Antares is spearheaded by Scorpion’s previous executive management team and is advancing a range of small molecule programs that originated at Scorpion. These include initiatives in precision oncology and other therapeutic fields, as well as projects stemming from a collaboration with AstraZeneca in 2022.

Adam Friedman, M.D., Ph.D., the Chief Executive Officer of Antares and formerly the CEO of Scorpion, expressed that the name Antares was inspired by its significance as the brightest star in the Scorpius constellation. Friedman emphasized the company's commitment to leveraging its drug discovery capabilities and experienced team to create medicines for well-established, first-in-class targets in oncology and other critical diseases. He highlighted their rapid approach to clinical development, aiming to deliver essential therapies promptly to patients.

Otello Stampacchia, Ph.D., Founder and Managing Director at Omega Funds, expressed confidence in Antares' potential. As an early investor in Scorpion, Stampacchia has closely followed its progress and praised the team's capabilities, scientific diligence, and quick execution. He anticipates Antares will realize its vision by bringing unique, first-in-class products to address significant unmet medical needs.

In addition to the launch, Antares announced that Pierre Fabre Laboratories has acquired global rights to two clinical-stage mutant EGFR inhibitors for non-small cell lung cancer previously developed in partnership with Scorpion. Pierre Fabre Laboratories will oversee the continued clinical development and worldwide commercialization of these programs. Antares stands to receive regulatory and commercial milestones, alongside tiered royalties from this agreement.

The leadership of Antares Therapeutics consists of former executives from Scorpion, individuals renowned for their accomplishments in the biotechnology sector. The Board of Directors is comprised of seasoned industry specialists with expertise in company formation and breakthrough medicine development.

Sir Menelas Pangalos, Ph.D., an independent member of the Antares Board, noted the progress Antares has made in unlocking the therapeutic potential of targets considered undruggable, such as transcription factors. He looks forward to collaborating with the team as they tackle complex scientific challenges.

Keith Flaherty, M.D., Director of Clinical Research at Massachusetts General Hospital Cancer Center, acknowledged the foundation laid by Scorpion and the continued efforts of Antares in combining advanced computational and experimental methods to drive clinical development. He emphasized the team's success in overcoming medicinal chemistry barriers to advance a pipeline of pioneering assets aimed at transforming patient treatment options.

Antares Therapeutics is poised to make a substantial impact in the biotechnology landscape, with plans to bring its most advanced program into clinical trials by 2026. The company's focus remains on developing first-in-class precision medicines for critical diseases with significant unmet needs.