Black Diamond Therapeutics, Inc., a Cambridge, Mass.-based biotechnology company developing next-generation precision medicines for cancer, completed an $85m Series B financing.
The round was co-led by New Enterprise Associates and RA Capital Management, with participation from new investors NexTech Invest, The Invus Group and Perceptive Advisors, which joined founding investor Versant Ventures.
Following Black Diamond’s recent debut after operating in stealth mode in Versant’s Basel-based Ridgeline Discovery Engine, the company now has raised $105m. In connection with the round, NEA’s Ali Behbahani, M.D., and RA Capital’s Rajeev Shah joined Black Diamond’s Board of Directors.
The proceeds from the financing will be used to accelerate the development of Black Diamond’s pipeline and to expand its mutation, allostery and pharmacology (MAP) computational and discovery platform for identifying and targeting allosteric oncogenic mutations. Specifically, the round will allow the company to establish its new corporate headquarters in Cambridge, MA, advance two-to-three existing development candidates into the clinic in the next 24 months, and bolster its platform’s ability to identify precision medicines for mutant cancers intractable to standard care.
Founded by David M. Epstein, Ph.D., Elizabeth Buck, Ph.D., and Versant Ventures, Black Diamond Therapeutics is a cancer precision medicine company which develops selective medicines for patients with genetically defined cancers driven by oncogenes activated by allosteric mutations.
Black Diamond’s mutation, allostery and pharmacology (MAP) computational and discovery platform has generated a pipeline of five programs, including three that have progressed compounds through lead optimization or into IND-enabling studies. The fourth and fifth programs are in lead identification. Black Diamond’s first two disclosed programs are targeting groups of EGFR and HER2 allosteric mutants.