Pfizer Ventures co-led a $123 million series B financing round for Flare Therapeutics, a biotech company working to discover precision medicines for cancer and other diseases.
The company will use the proceeds from the financing to support clinical trials for FX-909, a small molecule inhibitor targeting the peroxisome proliferator-activated receptor gamma (PPARG).
Additionally, the company will look to nominate at least one other development candidate from the company's research pipeline in 2024, according to a March 22 Flare news release.
GordonMD Global Investments co-led the round with Pfizer.
"Transcription factors have long been viewed as prime therapeutic targets playing a key role in a broad range of diseases, particularly cancers, where they represent one-third of all oncogenes. While targeting transcription factors has the potential for incredible impact, their complex structure makes them notoriously difficult to drug, requiring a new approach and new thinking," Flare Chief Scientific Officer and co-founder Rob Sims, PhD, said in the release.