OnCusp Therapeutics has successfully closed an oversubscribed Series A funding round, raising an impressive $100 million. Co-led by Novo Holdings, OrbiMed, and F-Prime Capital, along with participation from prominent investors such as Sofinnova Investments, Catalio Capital Management, Marshall Wace, Forge Life Science Partners, Blackbird BioVentures, CJNV BioVenture, and others, the funding round brings OnCusp’s total raised capital since its establishment in April 2021 to $139 million.
The funds secured will be utilized to advance the development of CUSP06, an Antibody-Drug Conjugate (ADC) targeting CDH6, with the aim of reaching clinical proof-of-concept. CUSP06 has demonstrated strong preclinical data, showcasing its potential for best-in-class activity. Engineered to enhance potency, bystander effect, linker stability, and overcome drug resistance, CUSP06 is designed to potentially offer higher clinical response rates, increased durability, and an improved safety profile. Having received FDA Investigational New Drug (IND) clearance in the third quarter of 2023, CUSP06 is set to enter a first-in-human Phase I study in the United States.
Dr. Bing Yuan, Co-Founder and CEO of OnCusp Therapeutics, expressed gratitude for the trust and support from global biotech investors. He highlighted the commitment of the OnCusp team and the company’s strong conviction to develop innovative oncology therapies to benefit patients. The substantial Series A financing positions OnCusp to accelerate the development of CUSP06 and expand its portfolio of groundbreaking therapeutics in the fight against cancer.
As part of the financing, OnCusp Therapeutics will welcome Dr. Karen Hong, Partner at Novo Holdings US, Inc.; Diyong Xu, Principal at OrbiMed; and Dr. Chong Xu, Partner at F-Prime Capital, to its Board of Directors. These additions bring valuable expertise to support OnCusp’s mission and strategic growth.
Dr. Karen Hong expressed excitement about co-leading the funding round, emphasizing OnCusp’s remarkable progress and efficient business model. Diyong Xu shared optimism about CUSP06’s potential and the company’s translational and clinical development expertise. Dr. Chong Xu conveyed eagerness to contribute to OnCusp’s transformative phase, particularly highlighting CUSP06’s potential to aid patients with ovarian cancer and other advanced solid tumors.
Dr. Jiacong Guo, Principal at BioTrack Capital and one of OnCusp’s current Board Directors, commended the company’s entrepreneurship, commitment, and perseverance, expressing confidence in OnCusp as a leader in the field.
OnCusp Therapeutics is now well-positioned to advance its pioneering approach to cancer treatment and propel the development of impactful innovations in the healthcare sector.
