BridgeBio launches BBOT with $200M to advance precision oncology

BridgeBio Pharma, Inc. (Nasdaq: BBIO), a commercial-stage biopharmaceutical company focused on genetic diseases and cancers, recently announced the successful completion of a $200 million private financing for its former subsidiary, TheRas, Inc., now operating as BridgeBio Oncology Therapeutics (BBOT). This financing aims to accelerate the development of BBOT's oncology portfolio.

The funding round saw participation from several prominent investment entities. Cormorant Asset Management led the financing, with Omega Funds co-leading. Other participants included 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. This capital injection is expected to provide BBOT with the necessary resources to reach significant clinical milestones over the next 18 to 24 months as it advances multiple assets into clinical trials targeting various RAS and PI3Kα pathway malignancies.

BBOT's initial programs include three promising therapeutic candidates. The first is BBO-8520, a direct inhibitor of KRASG12C that binds to both the active and inactive states of the protein. This candidate is currently enrolling patients in the ONKORAS-101 trial for those with KRASG12C mutant non-small cell lung cancer. The second program, BBO-10203, is a PI3Kα:RAS breaker designed to block the interaction between RAS and PI3Kα, inhibiting PI3Kα/AKT signaling in tumors while avoiding hyperglycemia. BBOT plans to file an Investigational New Drug application (IND) for BBO-10203 in the second quarter of 2024, with patient enrollment expected to commence later in the year, pending IND clearance. The third candidate, BBO-11818, is a pan-KRAS inhibitor targeting both the active and inactive states of KRASG12X. BBOT aims to file an IND for this program in early 2025.

In addition to these three programs, BBOT is committed to an extensive discovery-stage research initiative focused on identifying and targeting additional oncogenic drivers within the RAS and PI3K pathways. Eli Wallace, PhD, will lead BridgeBio Oncology Therapeutics as CEO, while Pedro Beltran, PhD, will serve as Chief Scientific Officer. Wallace expressed enthusiasm about the potential of their pipeline, highlighting the collaborative efforts with BridgeBio and the strong backing from investors to advance their programs into clinical stages within the next year.

The Board of Directors of BBOT will be chaired by Frank McCormick, PhD, a distinguished professor of Tumor Biology and Cancer Research at UCSF and an advisor to the National Cancer Institute’s RAS Initiative. Other directors include Raymond Kelleher, MD, PhD, Managing Director at Cormorant Asset Management, Michelle Doig, Partner at Omega Funds, and Neil Kumar, PhD, CEO of BridgeBio.

Raymond Kelleher highlighted the innovative approaches of BBOT's chemical biology strategies to target a broad range of KRAS mutations and the use of PI3K signaling bypass mechanisms, which he believes could revolutionize the treatment of RAS-driven cancers. Michelle Doig from Omega Funds echoed this sentiment, emphasizing the potential of BBOT's pipeline to make a significant positive impact on cancer patients and create value for stakeholders.

BridgeBio Oncology Therapeutics, initially a subsidiary of BridgeBio, has now secured substantial financing to further its mission. Founded to discover, develop, and deliver transformative medicines for patients with genetic diseases and cancers, BridgeBio continues to advance its diverse pipeline, spanning from early-stage research to advanced clinical trials, with a dedicated team committed to leveraging genetic medicine to benefit patients as swiftly as possible.