SpringWorks Therapeutics Analysis: $3.5B Raised
What is SpringWorks Therapeutics?
Precision oncology for rare cancers and desmoid tumors
Employees
201-500
Founded
2017
Valuation
3.49B
HQ Full Address
Stamford, Connecticut, United States
Revenue Growth Rate
23%
Product Features & Capabilities
- Nirogacestat for desmoid tumors
- Mirdametinib for NF1-PN
- BCMA combination therapies in multiple myeloma
Investment Focus
SpringWorks Therapeutics primarily focuses on developing innovative medicines for rare tumors, hematological cancers, and biomarker-defined metastatic solid tumors. Their therapeutic areas include treatments for desmoid tumors and neurofibromatosis type 1, utilizing a precision oncology approach to create targeted therapies.
Other Considerations
European Commission approved nirogacestat for desmoid tumors; Received positive CHMP opinion for nirogacestat; Conditional approval granted for mirdametinib in NF1-PN; Focus on rare oncology and BCMA combinations
Awards Recognition
SpringWorks Therapeutics received the **2021 Innovation in Medicine Award** at the Children's Tumor Foundation National Gala. This award recognizes the company's contributions to innovative medicine, particularly in the field of rare cancers.
Key Innovations
- Nirogacestat - A gamma secretase inhibitor being evaluated in combination therapies for multiple myeloma.
- Mirdametinib - An FDA-approved treatment for adult and pediatric patients with neurofibromatosis type 1-associated plexiform neurofibromas (NF1-PN). The company focuses on rare oncology programs and biomarker-defined metastatic solid tumors, aiming to create best-in-class treatments for patients with devastating diseases.
Regulatory Approvals
- GOMEKLI™ (mirdametinib) - Approved by the FDA for the treatment of adult and pediatric patients with neurofibromatosis type 1 (NF1) associated plexiform neurofibromas (NF1-PN).
- OGSIVEO™ (nirogacestat) - Approved by the FDA as the first and only treatment for adults with desmoid tumors.
Latest Funding Round
The latest funding round for SpringWorks Therapeutics was a post-IPO round that took place on September 7, 2022, where the company raised $225 million. This round included participation from five investors, including EcoR1, Boxer Capital, Invus, Deerfield, and Perceptive Advisors.
Partnerships
- Rappta Therapeutics - In September 2023, SpringWorks entered into a global license agreement with Rappta Therapeutics for the development of a novel cancer treatment, RPT04402.
- GSK (GlaxoSmithKline) - SpringWorks had a collaboration with GSK for the combination of Nirogacestat with Blenrep, although this partnership was reported to be ending in early 2023.
- AbbVie - SpringWorks announced a clinical collaboration with AbbVie to evaluate Nirogacestat in combination with ABBV-383.
- Regeneron - A clinical trial collaboration and supply agreement was established with Regeneron to evaluate Nirogacestat in combination with REGN5458.
- BeiGene - SpringWorks entered into a global clinical collaboration with BeiGene to evaluate targeted combination therapy in advanced solid tumors.
- Pfizer - A clinical collaboration was announced with Pfizer to evaluate Nirogacestat in combination with PF-06863135.
- Ab Magnitude - SpringWorks is collaborating with Ab Magnitude on target discovery and initial hit finding to advance next-generation oncology therapeutics.
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Financial Overview
$3.5BTotal Raised
The latest funding round for SpringWorks Therapeutics was a post-IPO round that took place on September 7, 2022, where the company raised $225 million. This round included participation from five investors, including EcoR1, Boxer Capital, Invus, Deerfield, and Perceptive Advisors.
