7:08 AM
 | 
Jan 10, 2019
 |  BC Extra  |  Financial News

NEA, RA Capital lead $85M B round for Black Diamond

Editor's Note: This article was updated on Jan 10, 2019 at 4:32 PM PST

Less than a month after its launch by Versant Ventures, Black Diamond Therapeutics Inc. (Cambridge, Mass.) has raised a tranched $85 million series B round to bring its two lead assets into the clinic and prepare it for an IPO in about a year.

New Enterprise Associates and RA Capital Management co-led the financing. Fellow new investors NexTech Invest, Invus Group and Perceptive Advisors joined Versant in the round.

Black Diamond has a platform to mine and drug baskets of allosteric mutant oncogenes using troves of human sequencing data that contain non-catalytic mutations previously deemed non-actionable (see “Mapping Allostery”).

The company expects to submit by year end an IND for its lead candidate, which targets allosteric EGFR mutations.

While he declined to break out the round’s tranches or disclose their triggers, co-founder and CEO David Epstein told BioCentury that the company has sufficient capital to enter the clinic ahead of the second tranche.

Epstein said Black Diamond's funds, which he expects to last over two years, will support the company through at least proof of concept in a subset of patients in at least one tumor type.

The company has raised $105 million to date.

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