Agios Pharmaceuticals, a Cambridge, Massachusetts-based biopharmaceutical company focused on discovering and developing novel drugs in the field of cancer metabolism, has secured $78m in Series C financing.
Backers include three new large public investment funds, which joined strategic partner Celgene (NASDAQ: CELG) and existing investors ARCH Venture Partners, Flagship Ventures and Third Rock Ventures.
The company intends to use the funding to advance its portfolio of cancer metabolism therapeutics into the clinic and to expand research and development into inborn errors of metabolism (IEMs), a group of genetic disorders with high unmet medical need. To support and drive these efforts, Agios has built a robust platform integrating cancer biology, metabolomics, biochemistry and informatics. This approach allows the company to identify, prioritize and validate new metabolism targets and associated metabolic biomarkers.
Agios is led by CEO David Schenkein, M.D.,
In conjunction with this financing, Perry Karsen, COO at Celgene, has joined Agios’s board of directors.