- First participant dosed in Phase 1/2 PROSPER trial of FMC-376 in KRASG12C Cancers

- FMC-376 is a first-in-class direct dual inhibitor of ON+OFF KRASG12C

- FMC-376 has the potential to transform patient outcomes with its ability to overcome both innate and acquired resistance mechanisms and brain metastases

BOSTON and SOUTH SAN FRANCISCO, Calif., Feb. 22, 2024 (GLOBE NEWSWIRE) -- Frontier Medicines Corporation, a precision medicine company seeking to unlock the proteome to advance transformational therapies against otherwise undruggable disease-causing targets, today announced the close of an oversubscribed $80 million Series C financing. The financing was co-led by Deerfield Management Company and Droia Ventures, with significant participation from Galapagos NV (Euronext & NASDAQ: GLPG) as a strategic investor, and contributions from new and existing investors including DCVC Bio, MPM Capital, and RA Capital Management. This Series C financing brings the total capital raised since Frontier's founding to $235.5 million.

"At Galapagos, we are focused on breakthrough science and innovation to address high unmet medical needs," said Dr. Paul Stoffels1, CEO and Chairman of the Board of Directors of Galapagos. "Frontier Medicines is a leading chemoproteomics company with a unique technology platform and a pipeline of potential best-in-class assets that fit with Galapagos' precision oncology R&D approach. The participation in Frontier Medicines' Series C round aligns with our innovation acceleration strategy to bring transformational medicines to patients around the world."

Financing proceeds will support the advancement of multiple wholly-owned pipeline programs into clinical studies, including FMC-376. Frontier today announced the first participant dosed in the Phase 1/2 PROSPER clinical trial (NCT 06244771) evaluating FMC-376 in patients with KRASG12C cancers.

"Today we mark the first participant dosed with a therapeutic candidate born from the Frontier™ Platform, alongside a financing that affirms continued strong investor support. Frontier Medicines has amassed a robust data set that shows FMC-376 is expected to overcome the resistance seen with prior generation single-acting inhibitors, and we are excited to demonstrate this potential in the clinical setting," said Chris Varma, Ph.D., chairman, CEO, and co-founder of Frontier Medicines. "This represents a major milestone for the Frontier team in our mission to deliver transformational medicines for patients in need. We look forward to further progress on our pipeline of wholly-owned precision medicine programs later this year."