Founded in 2020, Scorpion is agnostic about the potential therapies and targets it will explore with what it describes as its drug-hunting engine. But the company is hoping to unveil its first drug candidate this year.
The San Francisco-based company aims to complete at least one Phase III study by 2025, and it is weighing an IPO next year to fund more.
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The deal will broaden Merck's oncology portfolio as it picks up an antibody-drug conjugate, a class of biological drugs that target tumor cells even as the pharma giant jettisons other parts of its business
The company has raised $148 million so far and plans to raise the remaining $7 million by next month. Its lead candidate is entospletinib, a SYK inhibitor acquired as part of a deal with Gilead Sciences last month, under development for patients with biomarker-defined acute myeloid leukemia.
The company is currently running a Phase I study of its lead candidate, the antibody-drug conjugate VLS-101, in patients with lymphomas and leukemias. It has two additional antibody-drug conjugates and a bispecific antibody in preclinical development.
The Seattle-based company is one of several that have raised venture capital and equity investment funding this week.
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The company hopes the funding will move it toward the clinic. Active clinical programs of gene therapies in Parkinson's include efforts by Voyager Therapeutics and a university in Japan.
Led by two Kite founders, the company launched with $300 million in VC funding in April and plans a registration trial of Servier's UCART19 and clinical development of its own allogeneic CAR-Ts next year.