Opna Bio Raises $38M for Advance Novel Oncology Discovery Program

The proceeds will be used to develop novel fragile-X mental retardation protein (FMRP) inhibitors.

Douglas Hanahan, PhD, co-founder and board director.
Douglas Hanahan, PhD, co-founder and board director.
Business Wire

Opna Bio, a clinical-stage biopharmaceutical company focused on the discovery and development of novel oncology therapeutics, announced today that it has raised $38 million in a Series A financing, led by Longitude Capital and Northpond Ventures, with additional participation from Menlo Ventures. The proceeds will be used to develop novel fragile-X mental retardation protein (FMRP) inhibitors in oncology as well as a diverse portfolio of clinical and preclinical oncology programs acquired from Plexxikon.

Opna was co-founded by Gideon Bollag, PhD, who was appointed chief executive officer; Douglas Hanahan, PhD, distinguished scholar in the Lausanne Branch of the Ludwig Institute for Cancer Research and emeritus professor at the Swiss Federal Institute of Technology Lausanne (EPFL); and Joseph Schlessinger, PhD, professor of pharmacology at Yale University School of Medicine.

β€œWe are thrilled to be a lead investor in Opna and to support this top-tier team of drug discovery and development experts who bring a strong track record of paradigm-changing cancer drug innovation and value creation,” said Patrick Enright, managing director of Longitude Capital.

β€œI’m very excited about our rich drug candidate portfolio, which is focused on targeting immune suppression and other hallmarks of cancer,” said Dr. Bollag. β€œAs a new company, Opna offers that rare combination of a compelling novel drug target as well as a diverse pipeline of preclinical and clinical programs, some of which have shown combinatorial activity in our FMRP models.”

More in Oncology