According to the San Francisco Business Times, a team that has built and sold cancer immunotherapy company Flexus Biosciences for $1 in less than two years. $70 million has been raised by $25 billion for its latest venture
The latest round of funding by Arcus Biosciences Inc. Of Hayward included new investors GV—the venture arm of Alphabet Inc. (NASDAQ: GOOG)—Stanford University, Invus Group, the venture arm of the Japanese drug company Taiho Pharmaceutical Co. Ltd. Ltd. Specialty Investor DROIA Oncology Ventures
Arcus was launched by Terry Rosen and Juan Jaen, who took the San Carlos-based Flexus for $1. 25 billion deal with Bristol-Myers Squibb Co in February 2015. (BMY: NYSE) Soon, they collected the $50 million Series A that included the Column Group, Celgene Corp. (NASDAQ: CELG)—two Flexus investors—as well as Foresite Capital and Novartis AG (NYSE: NVS)
A fresh cash round will help Arcus push three antibody drug projects to the clinic by the end of 2018.
The news was first reported to Fierce Biotech
Arcus’ first three programs reported to be zero in ATP, or adenosine triphosphate, a coenzyme used in many cellular processes. When dying cells release ATP and convert it back to adenosine, the immune system is told not to respond to invasive cancer. This helps cancer cells to thrive
One of Arcus’ programs focuses on CD73, a molecule that is believed to be critical in helping cancer avoid an immune response. CD73 is found in higher amounts in cancerous tissues, such as ovarian cancer.
Arcus, according to Fierce Biotech, is also looking at the same pathway to block CD38, the enzyme found on the surface of many immune cells and multiple myeloma cells, and the A2A receptor, which could help to block T cell therapy, control point inhibitors and vaccines.
Arcus has more than 40 employees, but Fierce Biotech reported that it is expected to have 60 by the end of the year.
‘We’re really planning to build here for the long term,’ said Rosen, who at one time was the head of Amgen Inc. ‘s (NASDAQ: AMGN) South San Francisco Research Center, San Francisco Business Times reported last month.
Rosen and Jaen were also working together at Tularik Inc. South San Francisco Company, purchased by Amgen in 2004.
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