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FORE Biotherapeutics raised a $75M Series D and announced an interim CEO

The University City-based biotech company will use this funding to support development of its cancer-fighting drug.

3675 Market St., home of University City Science Center and Quorum. (Technical.ly/Julie Zeglen)
Update: Details about funding and employee count from a FORE spokesperson have been added. (8/23/23, 4:15 p.m.)

University City-based FORE Biotherapeutics raised $75 million in a Series D round, the biotech company announced today. The round was led by SR One and Medicxi.

This funding will be used to further clinical development of the investigational drug plixorafenib, which it calls a “novel, small-molecule, next-generation, orally available selective inhibitor” for mutations in cancer cells. This drug targets BRAF gene alterations found in several cancer types, especially melanomas.

“FORE Biotherapeutics is well-positioned to deliver on the promise of plixorafenib, which has demonstrated promising single-agent activity against BRAF-altered tumors, including primary central nervous system tumors,” said Matthew Foy, partner at SR One, in a written statement. “We look forward to continuing to support the company as it further progresses its ongoing Phase 2 FORTE global, registrational trial.”

FORE’s syndicate now includes new investor Medicxi, as well as existing investors OrbiMed, HBM Healthcare Investments, Novartis Venture Fund, 3B Future Health Fund, Cormorant Asset Management, Wellington Management and Samsung Securities, a company spokesperson told Technical.ly.

FORE counts 40 employs and is headquartered at 3675 Market St.

Along with the close of this funding round, the company announced that CEO Matthew E. Ros will step down from his role and his board of directors position. Shawn M. Leland, the former founder, president and CEO of Elevation Oncology, has been appointed to the board and will step in as interim CEO in September.

Giovanni Mariggiart, a partner at Medicxi, is also joining the FORE Biotherapeutics’ board of directors, per the announcement.

Sarah Huffman is a 2022-2023 corps member for Report for America, an initiative of The Groundtruth Project that pairs young journalists with local newsrooms. This position is supported by the Lenfest Institute for Journalism.
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