Kura launches with $60m to revive Janssen's tipifarnib
This article was originally published in Scrip
Kura Oncology raised $60m in a private placement and plans to complete a reverse merger into a public company to support Phase II clinical trials for tipifarnib, a drug for which Johnson & Johnson's Janssen subsidiary suspended development in multiple cancer indications in 2008.
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The repurposed drug showed substantial improvement over existing therapies in second-line treatment of patients with HRAS-mutant tumors.
The cancer drug developer raised $55m. Also, Lyra raised $56m in the last of four biopharma IPOs in April, Biogen sold $3bn worth of debt, Oberland raised a $1.05bn fund and Praxis launched with more than $100m.
Since using a reverse-merger last year to go public, Kura Oncology has resurrected an abandoned Janssen cancer candidate and raised $46.5m in an IPO. CEO Troy Wilson spoke with Scrip about the firm's efforts toward precision medicine in cancer.