Business
Erasca Reports First Quarter 2022 Financial Results and Business Updates
Presented compelling preclinical data at 2022 AACR Annual Meeting supporting clinical development of potentially best-in-class programs Initial Phase 1b
About this update from Erasca, Inc.
[{"type":"text","content":"Presented compelling preclinical data at 2022 AACR Annual Meeting supporting clinical development of potentially best-in-class programs Initial Phase 1b monotherapy data for ERAS-007 and Phase 1 monotherapy data for ERAS-601 expected in H2 2022; IND filing for ERAS-3490 on track for H2 2022 Strong balance sheet with cash of $422 million expected to fund operations into H2 2024 SAN DIEGO, May 12, 2022 (GLOBE NEWSWIRE) -- Erasca, Inc. (Nasdaq: ERAS), a clinical-stage precision oncology company singularly focused on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers, today reported financial results for the fiscal quarter ended March 31, 2022, and provided business updates. “This quarter, we continued to advance our pipeline well. In addition to progressing our ERK1/2 inhibitor ERAS-007 and our SHP2 inhibitor ERAS-601 in their respective clinical trials, we also achieved first patient dosing for our CNS-penetrant EGFR inhibitor ERAS-801,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “We presented preclinical data in six posters at this year’s AACR meeting supporting the clinical development of our potentially best-in-class programs, including ERAS-007, ERAS-601, and ERAS-3490 (CNS-penetrant KRAS G12C inhibitor). We were delighted to host a webinar with Dr. Scott Kopetz from MD Anderson Cancer Center discussing the unmet need and therapeutic opportunities targeting cancers driven by the RAS/MAPK pathway, with a particular focus in gastrointestinal cancers.” Dr. Lim continued, “We remain on track to report Phase 1b monotherapy data for ERAS-007 in HERKULES-1 and Phase 1 monotherapy data for ERAS-601 in FLAGSHP-1 in the second half of 2022. These data will include preliminary monotherapy safety and pharmacokinetics to support dose selection for combinations of ERAS-007 and ERAS-601. We also remain on track to file an IND for ERAS-3490 in the second half of 2022. As we look ahead, our pipeline continues to demonstrate encouraging therapeutic potential, our cash position remains strong, and we are highly focused on continued execution throughout the year.” Research and Development Highlights Dosed First Patient in THUNDERBBOLT-1 Trial: In February 2022, Erasca dosed the first patient in THUNDERBBOLT-1, a Phase 1 trial evaluating ERAS-801 for the treatment of re...