Cambridge, Massachusetts-based Flare Therapeutics Inc. (FlareTx), a clinical-stage biotechnology company focused on drugging transcription factors in oncology, has closed an USD 85 million insider-led Series C financing round and appointed Anna Protopapas as Chief Executive Officer. The capital raise, combined with a strategic pipeline reprioritization, positions FlareTx to advance FX-111, its lead androgen receptor degrader, into clinical development for prostate cancer.
The round was led by Third Rock Ventures and Nextech Invest, with participation from Pfizer Ventures, Boxer Capital, GordonMD Global Investments LP, Invus, Casdin Capital, Eli Lilly and Company, Novartis, Agent Capital, and Eventide Asset Management. The company said proceeds will fund advancement of FX-111 to proof of concept and support preclinical development of its AR ON RIPTAC program. The financing follows a prior leadership transition in which Douglas Manion was appointed CEO in April 2024; Protopapas now assumes that role as the company enters its next development phase.
Flare's platform focuses on developing small molecules against transcription factors, a class of targets that has historically proven difficult to drug. FX-111 is a first-in-class androgen receptor degrader designed to target the transcriptionally active form of the receptor implicated in treatment resistance. The FDA has cleared the IND and Phase Ia is expected to begin in Q3 2026.
FlareTx is also advancing an AR ON Regulated Induced Proximity Targeting Chimeras (RIPTAC) program through preclinical development. The company described this as complementary to FX-111, extending its ability to address prostate cancer across the full disease continuum.