IDRx, a Plymouth, MA-based clinical-stage biopharmaceutical company, has raised $120 million in Series B funding.
The round was led by RA Capital Management, Commodore Capital, and Blackstone Multi-Asset Investing, with participation from new investors Rock Springs Capital and a U.S.-based healthcare-focused fund. Existing investors, including Andreessen Horowitz (a16z) Bio + Health, Casdin Capital, Nextech Invest Ltd., Forge Life Science Partners, co-founder Nick Lydon, Ph.D., and strategic partner Merck KGaA, Darmstadt, Germany, also participated.
Led by CEO Tim Clackson, IDRx is focused on transforming cancer care through the development of precision therapies. The company’s lead program, IDRX-42, is designed to inhibit key genetic drivers and drug-resistant mutations of the KIT gene in gastrointestinal stromal tumors (GIST).
The newly raised funds will be used to support the ongoing Phase 1/1b StrateGIST 1 study of IDRX-42, a potent, oral, highly selective KIT inhibitor targeting all major categories of activating and resistance mutations in patients with KIT-mutant GIST. Additionally, the proceeds will fund the anticipated initiation of the first pivotal study for IDRX-42 in patients with second-line GIST.
This financing round will enable IDRx to continue advancing its mission of delivering innovative cancer therapies designed to overcome drug resistance and improve patient outcomes.
