Clinical-stage drug developer Opna Bio has launched from stealth and raised USD 38 million in a Series A funding round led by Longitude Capital and Northpond Ventures with participation from Menlo Ventures. 

The funds will be used to develop its new fragile-X mental retardation protein (FMRP) inhibitor for treating patients with solid tumors. Cancer cells use FRMP to hide from the immune system. Moreover, it plans to advance its portfolio of five preclinical and clinical small molecule drug candidates acquired from Plexxikon Inc. OPN-2853, the company's lead research program, is currently in Phase 1/2 clinical trials in combination with ruxolitinib to treat myelofibrosis, a chronic bone marrow cancer. Additionally, a Phase 2 study of OPN-7486 for treating solid tumors is planned for 2023. 

Opna Bio discovers and develops cancer treatments using a precision medicine approach. Former Plexxikon CEO Gideon Bollag co-founded the company after Plexxikon was shut down by its parent company and Japanese pharmaceutical giant Daiichi Sankyo in March 2022 . Opna Bio is now led by Gideon Bollag.