Blueprint Medicines, a Cambridge, MA-based developer of selective kinase inhibitors for genomically defined cancers, completed a $50m Series C financing.
The round was led by Partner Fund Management with participation from new investors Wellington Management Company, RA Capital, Tavistock Life Sciences, Perceptive Advisors, Sabby Capital, Cowen Investments and Redmile Group and existing shareholders Biotechnology Value Fund, Casdin Capital, Fidelity Biosciences, Nextech Invest and Third Rock Ventures.
The company intends to use the funds to advance two lead product candidates through clinical trials in 2015 and fund the continued development of its kinase discovery platform and pipeline.
Founded in 2011 and led by Jeffrey Albers, chief executive officer, Blueprint Medicines expects to initiate clinical trials in 2015 with its two lead product candidates:
BLU-285, a selective inhibitor of KIT Exon 17 mutants. The company intends to initiate two clinical studies, including one for the underserved systemic mastocytosis patient population and another for genomically defined subsets of patients with gastrointestinal stromal tumors (GIST).
BLU-554, a selective FGFR4 inhibitor. Blueprint anticipates initiating a clinical study for patients suffering from hepatocellular carcinoma with aberrant FGFR4 pathway activation.