- Black Diamond Therapeutics ( NASDAQ: BDTX ) is trading ~8% higher premarket after the company said it had formed Launchpad Therapeutics, an antibody-focused precision oncology firm, with a $30M Series A investment by founding investors, Versant Ventures and New Enterprise Associates.
- Under the transaction, Black Diamond has granted Launchpad a license to use its Mutation-Allostery-Pharmacology Drug Discovery Engine to discover, develop and commercialize large molecule therapeutics. In exchange, Black Diamond has received a minority ownership stake in Launchpad.
- "The formation of Launchpad as a unique spinout from Black Diamond enables both companies to focus on their respective areas of expertise with the shared goal of addressing large numbers of targets and mutations for genetically defined cancers," said Ali Behbahani, General Partner, New Enterprise Associates.
For further details see:
Black Diamond rises 8% on spinout of Launchpad Therapeutics