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Oncology biotech Storm Therapeutics raised a $56 million Series C round from Pfizer Ventures and others, the company announced Thursday.

Why it matters: Storm is targeting sarcoma, a rarer form of cancer that arises in bone and soft tissues, and has few treatment options.

What's next: The financing will help fund a Phase 2 trial for its novel cancer drug, CEO Jerry McMahon tells Axios Pro.

Zoom in: Cambridge, U.K.-based Storm is developing STC-15, a first‑in‑class, oral small-molecule inhibitor of METTL3 — an RNA-modifying cancer enzyme — for the treatment of select sarcomas.

A U.S. Phase 2 study began this month and initial results are expected next year.

The drug candidate is being tested in patients who've already tried chemotherapy, McMahon says.

What they're saying: "We're the first company to put a drug of this type into patients," McMahon says.

Follow the money: M Ventures, Taiho Ventures, IP Group plc, the UTokyo Innovation Platform Co., and Fast Track Initiative also participated in the Series C.

Storm has raised $140 million since it was founded in 2016 out of the University of Cambridge.

Catch up quick: A Phase 1 trial in the U.S. showed tumor regression across multiple sarcoma subtypes.

What we're hearing: "The safety is well established. It's easy to manufacture," says Storm's chief business officer, Marguerite Hutchinson.

"The biggest opportunity here is to advance a very new class of drug targets."

What we're watching: McMahon says Storm will consider a number of growth strategies, including additional private rounds, striking deals with Big Pharma or pursuing an IPO.

"Our goal right now is to execute the trial and see what the data looks like, and then open that up to various conversations with pharma, as well as, of course, investors who might be interested in driving the value of the business," he says.

The intrigue: Storm's drug has also shown signs that it could be used in other tumor types, like lung and ovarian cancers, McMahon says.

Storm Therapeutics raises $56M Series C for cancer therapy

Storm is targeting sarcoma, a rarer form of cancer that arises in bone and soft tissues, and has few treatment options.

Illustration of the FDA logo surrounded by abstract shapes and money. 

Oncology biotech Storm Therapeutics raised a $56 million Series C round from Pfizer Ventures and others, the company announced Thursday.Why it matters: Storm is targeting sarcoma, a rarer form of cancer that arises in bone and soft tissues, and has few treatment options.

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Storm Therapeutics raises $56M Series C for cancer therapy

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