The Johns Hopkins spinout will funnel the cash into developing a class of glutamine antagonist that could help treat cancer.
Dracen Pharmaceuticals, a US-based cancer treatment spinout from Johns Hopkins University, completed a $40m series A round on Thursday that featured spinout-focused investment firm Osage University Partners.
Healthcare-focused investment firm Deerfield Management led the round, which also included venture firm I&I Prague.
Founded in 2016, Dracen builds on research from Johns Hopkins University and the Institute of Organic Chemistry and Biochemistry of the Czech Academy of Sciences (IOCB Prague).
The spinout is developing a class of glutamine antagonist that could influence the biological process responsible for controlling how immune cells operate, known as the immune-metabolism.
Dracen expects the drugs to help combat cancerous tumours by simultaneously undermining the energy sources they feed on and better equipping the patient’s immune system.
The funding will enable further development of Dracen’s assets both as standalone treatments, but also in combination with immune checkpoint inhibitors to allow more cancer patients to seek therapy, improve their chances of survival and help fight resistant tumours.
Jonathan Leff and Robert Jackson, both partners at Deerfield Management, have joined Dracen’s board of directors, joining Thomas Estok, CEO of Dracen, and Drew Pardoll, professor of oncology, medicine, pathology and molecular biology at Johns Hopkins’ University School of Medicine.
Dracen was co-founded by three members from the Johns Hopkins’ School of Medicine – Barbara Slusher and Jonathan Powell, professors whose disciplines include oncology, and Rana Rais, an assistant professor of neurology, together with Pavel Majer from IOCB Prague.
Estok said: “We are pleased with the opportunity to partner with Deerfield, Osage University Partners and I&I Prague to advance our pipeline.
“This series A investment will fund further development of an innovative program that one day may benefit many cancer patients around the world.”