Cullinan Oncology announced the closing of a $98.5 million Series B financing, which will be used to support ongoing clinical trials across its small molecule and biologics portfolio. New institutional investors and family offices participated in the financing alongside original commitments from founding investors MPM Capital and F2 Ventures.
“This capital infusion positions us well to execute our vision of bringing a diversified portfolio of innovative oncology assets into the clinic,” stated Owen Hughes, Cullinan’s CEO. “We are encouraged with the pipeline progress to date and appreciate the confidence of both our existing as well as new investors.”
Cullinan Oncology’s portfolio includes externally sourced as well as internally developed oncology assets, focusing primarily on single asset opportunities that can be efficiently developed through the company’s global network of strategic partners. Since the company’s founding in October 2017, Cullinan has advanced 7 assets through in vivo proof-of-concept studies or into human clinical testing.
In December of 2019, the company announced its subsidiaries, Cullinan Apollo and Cullinan Pearl, initiated dosing in phase 1/2 studies. Cullinan Apollo’s first-in-class EBNA1 inhibitor, VK-2019 is being evaluated for Epstein Barr Virus positive (EBV+) cancers and Cullinan Pearl’s CLN-081, a novel epidermal growth factor (EGFR) tyrosine kinase inhibitor (TKI) is being evaluated for non-small cell lung cancer (NSCLC).