Key Highlights
- $120 million Series B financing led by RA Capital Management, Commodore Capital, and Blackstone Multi-Asset Investing.
- Proceeds to fund ongoing Phase 1/1b StrateGIST 1 study of IDRX-42, a selective KIT inhibitor for GIST.
- FDA grants Fast Track designation to IDRX-42 for treatment of GIST after disease progression on imatinib.
- Preliminary Phase 1 data shows a 23% ORR across all patients and 43% ORR in second-line patients.
Source: Business Wire
Notable Quotes
- “We are thrilled to announce this financing, which includes support from a top-tier syndicate of investors and positions us to accelerate the development of IDRX-42 for a broad population of patients with GIST.” — Tim Clackson, Ph.D., Chief Executive Officer at IDRx
- “RA Capital Management is excited to co-lead this round to support the advancement of IDRX-42 as a differentiated new treatment for GIST.” — Derek DiRocco, Ph.D., Partner at RA Capital Management
SoHC's Take
IDRx’s recent $120 million Series B financing marks a significant milestone in the development of precision therapies for GIST, particularly with the promising potential of IDRX-42. The support from leading investors underscores confidence in IDRx’s approach to overcoming treatment resistance in cancer care. The preliminary Phase 1 data and FDA Fast Track designation position IDRX-42 as a promising candidate to address unmet needs in GIST treatment, potentially transforming the therapeutic landscape for this challenging cancer type. The strategic use of funds will not only support ongoing trials but also expedite pivotal studies, paving the way for future advancements and improved patient outcomes.
