ORIC Pharmaceuticals Receives $53 Million to Develop Prostate Cancer Drug Candidate

ORIC Pharmaceuticals Receives $53 Million to Develop Prostate Cancer Drug Candidate
ORIC Pharmaceuticals issued a press release announcing a B Series financing of $53 million to support the development of the company’s initial drug candidate's first clinical trial and to further develop additional therapies in the company’s pipeline. ORIC’s first drug candidate will focus on the glucocorticoid receptor (GR) as a target for androgen receptor (AR) resistance in prostate cancer, as studies have shown that the GR may substitute AR in driving prostate cancer growth and metastasis in a context of androgen deprivation. ORIC Pharmaceuticals, a company headquartered in San Francisco, California, is a privately-held cancer therapy enterprise driven by the discovery and development of small-molecule drugs that target treatment-resistant cancers, focusing first on advanced prostate cancer. The company was founded in 2014 and is funded by leading biotechnology investors like The Column Group, Topspin Partners, OrbiMed Advisors, EcoR1 Capital, Foresite Capital and Kravis Investment Partners. "We are pleased to have the support of such a distinguished group of biotechnology investors, who share our excitement about the opportunity to solve the pervasive problem of cancer-treatment resistance," claimed Richard Heyman, Ph.D., interim CEO and board member of ORIC Pharmaceuticals. "With our world-class co-founders and leadership team, robust discovery platform and focus, we believe we are uniquely qualified to tackle this challenge and develop next-generation therapies that will help people with cancer live longer." The American Cancer Society estimates that 27,000 men may die of prostate cancer in 2015, mainly because they develop resistance mechanisms to the therapies available today. Castration-resistant prostate cancer therapeutics is exp
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