Blueprint Medicines Announces $25 Million Series B Financing
--Product engine delivering a pipeline of selective, genomically defined product candidates--
January 07, 2014 04:00 PM Eastern Standard Time
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Blueprint Medicines today announced the completion of a $25 million Series B financing. The oncology-focused investor, Nextech Invest Ltd., led the round, which also included founding investors Third Rock Ventures and Fidelity Biosciences as well as public investors Biotech Value Fund, L.P., Casdin Capital, LLC and other undisclosed investors.
"Blueprint Medicines stands out for its high quality science and early track record for successful execution."
"The strong team of leaders and scientific founders behind Blueprint Medicines have successfully built a product engine and resulting product-candidate pipeline that brings to life the vision of treating patients based on specific genomic drivers of cancer. We believe this approach is core to the future of oncology therapy with the promise of significantly improving survival while minimizing toxicities for patients," said Thilo Schroeder, Ph.D. of Nextech Invest Ltd. "Blueprint Medicines stands out for its high quality science and early track record for successful execution."
Blueprint's lead programs include the first known selective inhibitors of the KIT D816V mutation, which is the genomic driver of the underserved systemic mastocystosis patient population, as well as a key genomically defined subset of patients with gastrointestinal stromal tumors (GIST). The Company's pipeline also includes the first known isoform-selective FGFR4 inhibitors for patients with hepatocellular carcinoma with FGF19 amplification, the first clear genomic driver in liver cancer, and other tumors. Blueprint expects to initiate clinical trials for these programs in 2015.
"The Blueprint team is aggressively advancing our pipeline of selective, genomically defined product candidates," said Alexis Borisy, president and interim chief executive officer of Blueprint Medicines. "Given our approach of selective compounds to clear genomic drivers, with the resources provided to us through this financing, we will be able to move forward into the clinic and rapidly establish clinical proof-of-concept in well-defined patient populations. These product candidates will be developed as single agents in late-stage and resistant patient populations, and in combinations with other targeted agents and modalities in earlier lines of therapy."
About Blueprint Medicines
Blueprint Medicines is a patient-driven oncology company developing highly selective kinase inhibitors for genomically-defined cancer subsets. Led by a management team and advisors with world-renowned expertise in cancer genomics, drug discovery and clinical oncology, Blueprint has developed a platform that combines genomics with a novel library of kinase inhibitors, enabling Blueprint to rapidly develop potent highly selective compounds against clear genomic driver targets. Founded in 2011, Blueprint is privately held and was initially financed by Third Rock Ventures and Fidelity BioSciences. For more information, please visit www.BlueprintMedicines.com.
About Nextech Invest Ltd.
Nextech Invest is a global investment manager founded 1998 and located in Zurich, Switzerland. With its unique oncology-focused funds, Nextech Invest is a dedicated investor in leading oncology companies developing cancer drugs and diagnostics. Nextech Invest benefits from the support of an active 7-member Scientific Advisory Board of highly influential oncology advisors, chaired by David Livingston, MD, deputy director at the Dana-Farber Cancer Institute/Harvard Cancer Center. For more information, please visit www.nextechinvest.com.
About Third Rock Ventures
Third Rock Ventures is a leading healthcare venture firm focused on investing and launching companies that make a difference in people's lives. The Third Rock team has a unique vision for ideating and building transformative healthcare companies. Working closely with our strategic partners and entrepreneurs, Third Rock has an extensive track record for managing the value creation path to deliver exceptional performance. For more information, please visit the firm's website at www.thirdrockventures.com.
About Fidelity Biosciences
Fidelity Biosciences is a subsidiary of FMR LLC, the parent company of Fidelity Investments, one of the world's leading providers of financial services. For more than 40 years, Fidelity has been a significant presence in the venture capital and private equity industry, investing the firm's own capital since 1969. Learn more at www.fidelitybiosciences.com.
Dan Budwick, 973-271-6085