Scorpion secures $150M in series C for expanding cancer pipeline

In May 2023, Scorpion Therapeutics initiated a phase 1 study for its innovative drug, STX-478. This allosteric, differentiated, mutant-selective PI3Kα inhibitor aims to address various solid tumors. The company, headquartered in Boston, has secured $150 million in funding to expand its clinical efforts in oncology, particularly focusing on small-molecule drug candidates that target previously undruggable oncogenes. Their approach, termed "Precision Oncology 2.0," leverages advanced genomic tools like CRISPR, medicinal chemistry, and data capabilities such as chemical proteomics and supercomputing.

One of the primary goals with the new funding is to enhance the clinical development of STX-478. This drug has made significant progress and is being evaluated as a standalone treatment and in combination with CDK4/6 inhibitors and AstraZeneca's breast cancer medication, Faslodex.

Additionally, part of the financial resources will support the company’s EGFR inhibitor franchise. In the previous year, Scorpion entered a collaboration with French pharmaceutical company Pierre Fabre, potentially worth up to $553 million, to develop and commercialize two preclinical lung cancer candidates. Scorpion continues to lead in the development of one of these candidates, STX-721, which began a phase 1 study in non-small cell lung cancer in October 2023. The other candidate, STX-241, is under the clinical stewardship of Pierre Fabre.

The recent financing round was co-led by Frazier Life Sciences and Lightspeed Venture Partners. As part of the investment, Frazier’s Managing Partner, Albert Cha, M.D., Ph.D., and Lightspeed Partner, Shelley Chu, M.D., Ph.D., have joined Scorpion’s board—Cha as an observer and Chu as an investor board member. Other significant investors in this round included Omega Funds, Vida Ventures, Atlas Venture, Abingworth, and OrbiMed.

Scorpion's CEO, Adam Friedman, M.D., Ph.D., expressed his satisfaction with the successful capital raise in a statement on July 16. He attributed the strong investor interest to the company's consistent clinical progress, promising emerging clinical data, and the quality of their advancing pipeline. Friedman highlighted the importance of this funding in strengthening Scorpion's financial standing and broadening its network of top-tier investors. These partners share a commitment to enhancing cancer treatment outcomes through the development and application of precision medicines.

Scorpion Therapeutics continues to push the boundaries in oncology, focusing on creating effective treatments for cancer patients by harnessing the latest advancements in science and technology. With the new financial backing and a robust pipeline of potential therapies, the company is well-positioned to make significant strides in the fight against cancer.