BlossomHill Therapeutics raised $71 million in a Series A financing round, led by Cormorant Asset Management LLC and joined by Hercules BioVentures Partners LLC, OrbiMed Advisors, and Vivo Capital. 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. Proceeds from the financing will be used to fund the research and development efforts 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. 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.
“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.