NEW YORK – Oric Pharmaceuticals said on Monday that it raised $125 million from the sale of 12.5 million shares of its common stock in private placement financing.
The firm sold the 12.5 million shares for $10 per share, representing a premium of approximately 10 percent on its five-day trailing average share price. Together with its existing cash and investments, Oric said the financing is expected to fund operations into late 2026.
Both new and existing investors participated in the private placement, including Viking Global Investors, Commodore Capital, Frazier Life Sciences, Venrock Healthcare Capital Partners, NEA, and Nextech. The financing is expected to close on Jan. 23, 2024.
Oric, based in South San Francisco, California, said in a filing with the US Securities and Exchange Commission that it will use proceeds from the private placement to fund research and development of its clinical-stage product candidates and research programs as well as for working capital and general corporate purposes.
The firm's pipeline includes one candidate for a biomarker-defined patient population and two for all-comer indications. Oric's EGFR and HER2 exon 20 inhibitor, ORIC-114, which it acquired from Korean drug discovery firm Voronoi in 2020, is being studied in solid tumors harboring EGFR or HER2 alterations. The firm's other candidates include the CD73 inhibitor ORIC-533 for multiple myeloma and ORIC-944 for prostate cancer.
In June, Oric also raised $85 million in a separate private placement round.