SAN DIEGO, March 03, 2021 (GLOBE NEWSWIRE) -- BlossomHill Therapeutics, Inc., a biopharmaceutical company focusing on oncology and autoimmune disorders, announced today that the company raised $71 million in a Series A financing round. Cormorant Asset Management LLC led this round and is joined by Hercules BioVentures Partners LLC, OrbiMed Advisors, and Vivo Capital as co-leads. In conjunction with the financing, Bihua Chen of Cormorant Asset Management, George J. Lee, Ph.D., of Hercules BioVentures Partners, and Carl L Gordon, Ph.D., CFA, of OrbiMed Advisors joined the company's Board of Directors.
"Peter and I founded BlossomHill Therapeutics to continue our pursuit to help bring new hope to cancer patients through deeper science and innovative drug design,” said Dr. J. Jean Cui, Co-Founder, President and CEO. "We are very delighted to have strong support from this group of stellar investors in this Series A round of financing, and to have Bihua, George, and Carl join our Board of Directors."
"We are living in a golden age of bringing precision cancer therapy to patients with actionable mutations. Cormorant is privileged to have the opportunity to partner with Dr Cui again to enable her unique drug design capability to bring powerful innovative medicine to patients in need," remarked Bihua Chen, Cormorant Asset Management.
“We are excited to partner with Peter & Jean, who have strong insight in identifying key clinical needs and addressing them with targeted small molecule drugs,” commented Carl Gordon, OrbiMed Advisors.
Proceeds from the financing will be used to fund the research and development efforts at BlossomHill Therapeutics and advance lead pipeline projects into clinical development. BlossomHill Therapeutics is founded by renowned drug design and development scientist, J. Jean Cui, Ph.D., and biotech veteran, Y. Peter Li, Ph.D., M.B.A. Drs. Cui and Li are also the founders of Turning Point Therapeutics, Inc.
About BlossomHill Therapeutics, Inc.
BlossomHill Therapeutics, Inc. is a small molecule drug discovery and development company focused on unmet medical needs in oncology and autoimmune disorders. The company is founded by renowned drug design and development scientist, J. Jean Cui, Ph.D. and biotech veteran, Y. Peter Li, Ph.D., M.B.A. Dr. Cui is the lead inventor of multiple oncology medicines and clinical compounds which include Crizotinib, Lorlatinib, Repotrectinib (TPX-0005), TPX-0022, TPX-0046, and TPX-0131.