Biotech

Eikon strikes it rich again, securing $351M to fund cancer trials globally

Eikon Therapeutics, the brainchild of Roger Perlmutter, has raised a total of $1.1 billion since it launched in 2019.

Heerea Rikhraj

February 26, 2025

1:34 pm

Credit: Getty Images / BlackJack3D

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The upward trajectory continues for Eikon Therapeutics, which announced that it has raised $351 million to fund various cancer related clinical trials.

The Series D funding unveiled Wednesday morning puts the California-based biotech at over $1.1 billion raised in total funding since it emerged in 2019.

Led by longtime industry leader Roger Perlmutter, the former EVP at Merck, Eikon has consistently raised multiple millions in funding rounds.

In 2022, it raised $517 million in a Series B round and over $106 million in a Series C round one year later.

Much like the previous financing efforts, Eikon stated the financing round was led by its existing investors, as well as some new investors. Investments came from mutual funds, wealth funds and technology focused venture firms like Lux Capital, Alexandria Venture Investments AME Cloud Ventures and more.

The biotech’s portfolio includes a number of clinical-stage assets focused on oncology that it bought back in 2023.

Its lead asset, EIK1001, is a systemically administered co-agonist of toll-like receptors 7 and 8, which is in a Phase 3 trial for advanced melanoma.

Eikon’s other top asset, EIK1003, is a highly selective PARP1 inhibitor currently undergoing Phase 1 evaluation in patients with breast, ovarian, prostate or pancreatic cancers.

EIK1003 was acquired by Eikon from Impact Therapeutics in China.

Another asset, EIK1004, is a central nervous PARP 1 inhibitor poised to enter Phase 1 testing for targeting brain cancers.

Eikon also has a few early stage pipeline features in the works, including two androgen receptor antagonists and internally derived WRN inhibitor to act as potential therapies for patients with MSI-high and other DNA repair-deficient cancers.

With this additional capital, Eikon said it will use the funding to support clinical studies, which currently operates in 28 countries and spans five continents.

Perlmutter underscored Eikon’s clinical stage pipeline work in a statement touting the raise.

“This financing provides the resources necessary to build a fully-integrated, 21st-century biotechnology company that leverages advanced computing, data sciences, and decades of experience in bringing innovative medicines to patients,” he stated. “The continued support of our world-class syndicate of investors is a testament both to the progress we have already made, and to the confidence of investors in our ability to deliver important new medicines for the world.”

One of Eikon’s funders, Lux Capital also celebrated the achievement, noting that Eikon’s proprietary single molecule tracking technology allows the company to uncover biological processes in living cells with an “unprecedented level of precision.”

Eikon also announced that the company will be participating in the upcoming TD Cowen Healthcare Conference in Boston in early March.

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Eikon strikes it rich again, securing $351M to fund cancer trials globally

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