(RTTNews) - Erasca, Inc. (ERAS), a clinical-stage precision oncology company, updated preliminary Phase 1 data for its investigational candidate, ERAS-0015, in patients with RAS-mutant solid tumours and provided development plans. In addition, Erasca priced an upsized public offering of 31.43 million shares at $17.50 per share with expected gross proceeds of approximately $550 million.
ERAS-0015 is an investigational, oral, pan-RAS molecular glue designed to inhibit RAS(family of genes that control cell growth) signalling. Erasca is evaluating ERAS-0015 in the AURORAS-1 Phase 1 trial in patients with RAS-mutant solid tumors.
According to the company, at the recommended dose for expansion (RDE) of 32 mg once daily (QD), ERAS-0015 demonstrated encouraging monotherapy responses, with 57% uORR (unconfirmed Objective Response Rate) in second-line or later (2L+) KRAS G12X pancreatic cancer in a U.S. trial, and a median relative dose intensity of 100%.
At RDE of 32 mg QD, 6 of 7 enrolled patients remained on treatment; at RDE of 24 mg QD, 6 of 8 enrolled patients remained on treatment.
With additional patients and longer follow-up, the company said that,
-Monotherapy safety data remained consistent with prior disclosure, and ERAS-0015 continued to be generally well tolerated.
-And frequency and severity of treatment-related adverse events (TRAEs) remained consistent with the April 2026 announcement.
Near Term Milestones
- The company expects to report additional ERAS-0015 preliminary monotherapy and Panitumumab combination data in the first half of 2027.
- Company plans to initiate a potentially registration enabling trial in lung cancer in first half of 2027, a Phase 3 trial in pancreatic cancer in 2027, and an additional Phase 3 trial in lung cancer between the second half of 2027 and the first half of 2028.
"We believe that we are well positioned to execute our robust clinical development plan and transition into Phase 3 development," said Jonathan E. Lim, Erasca's chairman, CEO, and co-founder.
Approx.$550 Mln Offering Details
In addition to the offering of 31.43 million shares at $17.50 per share for expected gross proceeds of $550 million, Erasca has granted the underwriters a 30-day option to purchase up to an additional 4.71 million shares at the offering price, less underwriting discounts and commissions.
The offering is expected to close on July 15, 2026, subject to the satisfaction of customary closing conditions.
Erasca intends to use the net proceeds from this offering to fund the research and development of its product candidates, development programs, working capital, and other general corporate purposes.
J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI are acting as joint book-running managers for the offering.
ERAS has traded between $1.33 and $24.28 over the last year. The stock closed Monday's trade at $17.90, down 3.40%.
In the pre-market, ERAS is down 0.61% at $17.79.
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