858 Therapeutics has secured $50 million in a Series B funding round led by Avidity Partners, with participation from Insight Partners, Mirae Asset Capital, and Alexandria Venture Investments. Existing investors Versant Ventures, NEA, and Logos Capital also contributed. This financing will fuel the advancement of 858 Therapeutics’ pipeline of small molecule therapeutics, including its lead asset, ETX-19477, a PARG inhibitor targeting DNA repair in advanced solid tumors.

The funds will support clinical trials of ETX-19477, currently in Phase 1, to assess its safety, efficacy, and potential to treat specific tumor types sensitive to PARG inhibition. CEO Jeffrey Stafford, Ph.D., praised the backing from top life science investors, highlighting the importance of this funding in advancing their therapeutic development.

Monal Mehta, Ph.D., Managing Director at Avidity Partners, will join 858 Therapeutics’ board, emphasizing the partnership’s potential to address unmet needs across various diseases.