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news.Aragon Pharmaceuticals has secured $42m in an oversubscribed Series C financing to advance its pipeline of therapies targeting hormone-driven cancers, including ARN-509, a compound for the treatment of castration-resistant prostate cancer (CRPC).
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Topspin Fund, an investment group of James Simons, Leo Guthart and Steve Winick, led the financing, which also includes the participation of existing investors Aisling Capital, OrbiMed Advisors and The Column Group.
Aragon president and CEO Richard Heyman said this $42m round of financing puts Aragon on strong footing to execute on its pipeline in prostate cancer and breast cancer.
"The addition of an investor like Topspin with a like-minded vision and considerable financial resources strategically provides Aragon with access to significant capital in the future," Heyman said.
In conjunction with the financing, Topspin Partners CEO Leo Guthart will join Aragon’s board of directors along with Calistoga Pharmaceuticals immediate past president and CEO Carol Gallagher, who will join as independent director.
Aragon Pharmaceuticals has also announced data from the Phase I portion of an open-label, dose-escalating, Phase I/II clinical trial showing that ARN-509 was safe and well tolerated in patients with progressive metastatic CRPC and that ARN-509 demonstrated promising preliminary antitumor activity.
Investigators observed durable declines in levels of PSA in patients treated at all dose levels of ARN-509 by using prostate-specific antigen (PSA) analysis.
Enrollment in the Phase II portion of the study has been completed with clinical data anticipated later this year.