Cullinan Oncology, a Cambridge, Mass.-based oncology research company, closed a $98.5m Series B financing.
New institutional investors and family offices participated in the financing alongside original commitments from founding investors MPM Capital and F2 Ventures. Following the completion of the fundraising, Tim Anderson of Cowen Healthcare investments (CHI) has joined the Board.
The company intends to use the funds for ongoing clinical trials across its small molecule and biologics portfolio.
Led by Owen Hughes, CEO, and newly added Jon Wigginton, M.D., Chief Medical Officer, and Jennifer Michaelson, Ph.D., promoted to Chief Development Officer, Biologics, Cullinan Oncology uses a portfolio approach to shepherd externally sourced as well as internally developed oncology assets from bench to bedside, focusing primarily on single asset opportunities that can be efficiently developed through its global network of strategic partners.
Since the company’s founding in October 2017, Cullinan has progressed a total of 7 assets through in vivo proof-of-concept studies or into human clinical testing, most notably Cullinan Pearl, an orally available tyrosine kinase inhibitor that targets EGFR (Epidermal Growth Factor Receptor) exon 20 mutations.