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Agios raises $78 million in financing

Thursday, November 17, 2011 11:18 AM

Agios Pharmaceuticals has secured $78 million in an oversubscribed Series C financing. The proceeds of this financing will be used to advance the company's rapidly emerging portfolio of cancer metabolism therapeutics into the clinic and to expand research and development into inborn errors of metabolism (IEMs), a group of genetic disorders with high unmet medical need.

"With this financing, we have achieved the financial strength necessary to move several programs into the clinic in genetically defined patient populations, taking us closer to the goal of bringing fundamentally new medicines to patients in need," said David Schenkein, M.D., chief executive officer of Agios.

Several new, undisclosed investors, including three leading, large public investment funds, joined Agios' strategic partner Celgene and existing investors (ARCH Venture Partners, Flagship Ventures and Third Rock Ventures) in this round.

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