Business
Erasca Reports Third Quarter 2021 Financial Results and Business Updates
Strong execution leading to four ongoing clinical trials evaluating lead candidates ERAS-007 (ERKi) and ERAS-601 (SHP2i) Named one of Fierce Biotech’s “Fierce
About this update from Erasca, Inc.
[{"type":"text","content":"Strong execution leading to four ongoing clinical trials evaluating lead candidates ERAS-007 (ERKi) and ERAS-601 (SHP2i) Named one of Fierce Biotech’s “Fierce 15” most promising biotechnology companies of 2021 Donated $17.5 million of common shares to the Erasca Foundation to fund mission-related charitable activities Robust balance sheet with cash of $487 million SAN DIEGO, Nov. 10, 2021 (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 September 30, 2021, and provided business updates. “Erasca continued our strong execution this quarter, delivering on key milestones, advancing new clinical trials, and generating exciting preclinical data,” said Jonathan E. Lim, M.D., Erasca’s chairman, CEO, and co-founder. “With the initiation in September of our HERKULES-2 and -3 trials in non-small cell lung cancer and gastrointestinal malignancies, respectively, we currently have four ongoing clinical trials with multiple clinical data readouts anticipated in 2022. We are excited about recent preclinical data that further support the planned IND filings for ERAS-801 (CNS-penetrant EGFR inhibitor for refractory glioblastoma multiforme) in the first quarter of 2022 and ERAS-3490 (CNS-penetrant KRAS G12C inhibitor) in the second half of 2022.” Dr. Lim continued, “At the corporate level, we are honored to be named one of Fierce Biotech’s ‘Fierce 15’ most promising and innovative biotechnology companies of 2021. We remain focused on our mission to erase cancer and believe this mission goes beyond therapeutic development to include a broader social contribution. We were pleased to donate 1% of our pre-IPO capital stock to the Erasca Foundation in conjunction with the successful completion of our $345 million initial public offering in July. The Erasca Foundation was established to fund charitable activities designed to have a positive impact on society, particularly in underserved populations. With our strong cash position supported by top-tier institutional investors, we remain well-positioned to advance the industry’s deepest portfolio singularly focused on shutting down the RAS/MAPK pathway and to deliver on our up...