Ikena Oncology Closes $120 Million Series B Financing Led by Omega Funds

Ikena Oncology, Inc. (“Ikena”), a clinical-stage biotechnology company that discovers and develops patient-directed, biomarker-driven cancer therapies, today announces the closing of $120 million in an oversubscribed Series B financing. The round was led and syndicated by Omega Funds and included participation from additional new investors: Fidelity Management Research Company, LLC, Surveyor Capital (a Citadel company), Invus, Farallon Capital Management, BVF Partners, L.P., Cowen Healthcare Investments, Logos Capital and HealthCor Management. Existing investors Atlas Venture, OrbiMed, and Bristol Myers Squibb all participated in the round. Ikena intends to use the proceeds from this financing to advance its pipeline of targeted oncology therapies, including its novel development candidate TEAD inhibitor IK-930, and a new first-in-class preclinical program targeting KRAS signaling. Founded in 2004, Omega Funds is a leading international investment firm that creates and invests in life sciences companies that address our world’s most urgent medical needs. Having raised more than $1 billion since its inception, Omega specializes in identifying and powering companies through value inflection points across the full arc of innovation, from company formation through clinical milestones and commercial adoption. Omega Funds' portfolio companies have brought 37 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others. Please see the website at omegafunds.com for additional information. About Ikena Oncology Ikena Oncology is a clinical-stage biotechnology company that discovers and develops patient-directed, biomarker-driven therapies for cancer patients who need life-saving treatment, by understanding what drives their disease. Ikena is advancing five clinical, preclinical, and discovery programs: IK-930, a TEAD inhibitor targeting the Hippo signaling pathway; a lead optimization-stage KRAS signaling program; IK-175, an AHR antagonist; IK-412, a kynurenine-degrading enzyme; and IK-007, an EP4 receptor antagonist. Ikena has entered into a global strategic collaboration with Bristol Myers Squibb on the IK-175 and IK-412 programs.
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