Eikon Therapeutics raises $351M for Phase III cancer trials

Eikon Therapeutics has successfully raised $350.7 million in a Series D funding round, aimed at advancing its clinical pipeline, particularly the lead candidate EIK1001, which is currently undergoing Phase III trials for advanced melanoma. The funding round features participation from top investment firms including Lux Capital and Alexandria Venture Investments, contributing to a total of over $1.1 billion raised since the company's inception in 2019. EIK1001, a TLR7/8 agonist, has shown promising results in combination with Merck’s Keytruda in treating melanoma, and is also being evaluated in a Phase II study for non-small cell lung cancer. Eikon is simultaneously developing two other candidates, EIK1003 and EIK1004, which target various cancers, including breast and brain cancers. CEO Roger Perlmutter indicated that the company is considering an IPO in the future as it continues to scale its operations. This funding marks one of the largest biotech funding rounds of the year, underscoring significant investor confidence in Eikon's innovative approach to drug development.