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FLX Bio Announces $50 Million Series B Financing

SOUTH SAN FRANCISCO, Calif., April 26, 2016 (GLOBE NEWSWIRE) -- FLX Bio, Inc., a biopharmaceutical company focused on the discovery and development of novel cancer immunotherapies, announced a $50 million Series B financing. The funds will be used to support further discovery and development of its pipeline of novel immuno-oncology compounds and to advance development of the company’s Phase 1 clinical compound, FLX925, a selective inhibitor of FLT3 and CDK4/6, in a proof-of-concept study in patients with acute myeloid leukemia. Including both Series A and Series B financing, the company has raised a total of $79 million.

The funding round included participation from leading biotechnology and corporate venture capital investors, including The Column Group (TCG), Topspin Partners, Kleiner Perkins Caufield & Byers (KPCB) and Celgene.

“We believe we have the opportunity to expand the treatment options for cancer patients by developing novel compounds focused on inhibiting the activity of regulatory T cells and myeloid cells, which are cells that are responsible for suppressing the immune system’s ability to kill cancer cells. We are pleased to have the support of such a renowned group of biotechnology investors, who share our excitement in this important work,” said Brian Wong, M.D., PhD., President and Chief Executive Officer.

About FLX Bio

Founded in 2015, FLX Bio Inc. is a privately-held biopharmaceutical company focused on the discovery, development and commercialization of novel immuno-oncology agents. The company leverages its unique insights in cancer biology and the immune system to discover and develop novel oral medicines that activate immune responses to eliminate cancer cells.

Located in South San Francisco, California, FLX Bio originated from the acquisition of its predecessor company, Flexus Biosciences, Inc., by Bristol-Myers Squibb. FLX has assembled a management and leadership team with a proven track record of success and with substantial knowledge and expertise in the tumor microenvironment, drug discovery and translational areas essential to execute on this approach. For more information, please visit www.flxbio.com.

Contact: Stephanie Ashe 650-245-0425 media@flxbio.com

Source: FLX Bio