eFFECTOR Therapeutics, an early-stage company focused on the discovery and development of small molecule cancer therapeutics in San Diego, has secured its Series B financing up to USD 56 million. The new funding came from Sectoral Asset Management, a new investor in the syndicate, as well as existing investors. Meanwhile, eFFECTOR Therapeutics appointed Maha Katabi, a partner from Sectoral, to its board of directors.
The fund will be used to pursue comprehensive clinical development of its lead product candidate eFT508, a potent, highly selective, and orally bioavailable MNK1 and MNK2 inhibitor. “With this financial backing, eFFECTOR can make significant progress developing eFT508 and the remainder of our pipeline,” stated Steve Worland, CEO of eFFECTOR.
eFT508 is currently being evaluated in an open-label Phase 1/2 trial in patients with advanced solid tumors. The company expects to file a second Investigational New Drug Application for eFT508 in lymphoma in the first half of 2016 and open expansion arms in specific solid tumors as well as lymphoma. The company also plans to declare its second development candidate later this year.
Last December, eFFECTOR received USD40 million in a Series B financing led by Altitude Life Science Ventures and joined by AbbVie Biotech Ventures and BioMed Ventures. All of eFFECTOR’s existing investors, including Abingworth, Novartis Venture Fund, SR One, The Column Group, US Venture Partners, Astellas Ventures, Osage University Partners and Mission Bay Capital also participated in the round.
The firm’s board of directors consists of Ken Haas, Markus Goebel, Simeon George, Larry Lasky, Jon Root, Katabi and Worland.