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Erasca, a biotechnology company pursuing precision oncology treatments to “erase cancer,” became San Diego’s newest publicly traded company late last week, raising $300 million in an upsized initial public stock offering.
The company, co-founded in 2018 by life sciences entrepreneur Dr. Jonathan Lim, becomes the 11
th local firm to go public so far this year. That’s approaching an annual record of 12 IPOs on U.S. markets for San Diego-based startups with five months to go in 2021.
Erasca sold 18.75 million shares at $16 per share. The stock began trading Friday on the Nasdaq exchange.
The company is targeting certain cancer-causing gene mutations. These mutations create a form of protein that continually tells cancer cells that it is okay to multiply.
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Patients with lung cancer (shown here) developed a wide array of resistance mechanisms to a KRAS inhibitor drug. SPL/Science Source
Tumors find many ways to evade groundbreaking cancer drug
Jun. 23, 2021 , 5:45 PM
Researchers were ecstatic 2 years ago when, after decades of effort, they devised drugs that could block a tumor-promoting protein in cancer patients called KRAS, which previously seemed impervious to treatment. But many of these KRAS inhibitors the first of which was approved by U.S. regulators in May quickly lost their luster, like other targeted cancer drugs: Most patients’ tumors resumed growing after a few months, as their cancer cells became resistant to the inhibitors. Now, a study finds that the roots of this resistance are surprisingly complex, with tumors using an array of escape routes to evade the attack on KRAS.