Scorpion Secures $150M in Series C Funding to Expand Cancer Pipeline Clinical Plans

Scorpion Therapeutics has raised $150M to strengthen its clinical pipeline by advancing most of its small molecule oncology programs. Founded in Boston, the biotech company applies a sophisticated drug discovery approach to treat oncogenes whose efficacy has been proven. The company focuses on generating small-molecule drugs for targets that were previously considered inaccessible. Their “Precision Oncology 2.0” combines genetic engineering techniques, including CRISPR, medicinal chemistry, and data technologies like chemical proteomics and supercomputing.

The primary focus of the Series C funding is the clinical advancement of STX-478, an allosteric, mutant-selective PI3Kα inhibitor. This candidate commenced a phase 1 trial involving various solid tumors in May 2023. According to Scorpion, this program has advanced quickly; STX-478 has been evaluated as a single agent as well as in combination with CDK4/6 inhibitors and AstraZeneca’s Faslodex for treating breast cancer.
Additionally, the funding will support Scorpion’s EGFR inhibitor program. A significant partnership was formed last year with the French pharmaceutical firm Pierre Fabre, which pledged up to $553M for co-developing both preclinical lung cancer assets from this program for commercialization if needed. Notably, despite Scorpion’s definitive sponsorship of STX-721, which began a phase 1 trial in non-small cell lung cancer in October 2023, the company is still involved in clinical activities related to STX-241 in collaboration with Pierre Fabre.
Lightspeed Venture Partners and Frazier Life Sciences were the lead investors in the funding round. Scorpion will have the Managing Partner at Frazier, Albert Cha, as a board observer, while the Partner at Lightspeed, Shelley Chu, takes an investor board position at Scorpion. Other early-round backers include Vida Ventures, Omega Funds, Atlas Venture, OrbiMed, and Abingworth.

Scorpion’s CEO, Adam Friedman, emphasized the great demand for this capital raise, highlighting the clinical advancement of the company and the solid emerging clinical data and quality of the firm’s upcoming pipeline. He expressed his satisfaction in bolstering Scorpion’s balance sheet and diversifying their pool of investors, who are leaders in life sciences dedicated to enhancing the efficacy of cancer treatment through precision medicines.

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