FogPharma rakes in another $145M in pursuit of hard-to-reach intracellular targets

01 Mar 2024
firstwordpharma.com
Executive Change
FogPharma took the amount raised from investors since its inception nearly a decade ago to more than $500 million after closing another round of financing. The latest Series E fundraising – led by Nextech Invest - brought in $145 million and featured a host of new investors, including former Johnson & Johnson CEO Alex Gorsky.
The company added that in conjunction with the financing, Nextech’s nominee Alexis Borisy joined the board. Mathai Mammen, FogPharma’s CEO said the investment, which follows a period of rapid growth for the drugmaker, will allow it “to execute on our expanded clinical development and commercialisation strategy” for its lead asset, the intracellular TCF-blocking β-catenin inhibitor FOG-001.
“Millions of colorectal cancer patients have been told by their oncologists that no more can be done for them,” Mammen remarked, adding “we believe FOG-001 may represent the long-awaited major technological breakthrough needed to address one of the most common yet unaddressed oncogenic signalling pathways.” Mammen joined FogPharma last year having stepped down from his role as head of pharmaceuticals R&D at Johnson & Johnson in 2022.
The company is using its Helicon peptide platform against biologically validated disease-driving intracellular targets that have never before been drugged. FOG-001 is designed to block the key oncogenic step in the Wnt/β-catenin signalling pathway with the first patient dosed last year in a Phase I/II study in solid tumours. FogPharma said that the funding will also support its other discovery efforts, which include programmes targeting ERG, CCNE1 and RAS.
FogPharma raised $178 million via a Series D financing in 2022, adding to $107 million pulled in from a Series C round a year earlier and a $66-million Series B fundraising in 2018.
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