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Forma Therapeutics Inc. tacked on another $3 million in equity financing, the company reported in regulatory filing posted this week, adding to a $25.5 million equity round it announced at the beginning of December.
The additional funds bring the Cambridge cancer drug development company’s total financing to $103.5 million, all announced this year.
CEO Steven Tregay said Forma Therapeutics, with 85 employees, has largely completed the three-part drug development platform it plans to use to devise new therapies, and in 2010 it expects to begin working on delivering new drugs.
“We’ve been in a building mode,” Tregay said. “Going forward this is going to be a chance to execute on that pipeline.”
The company has its sights on cancer therapies based on elusive targets identified in the Cancer Genome Atlas Project and other efforts.
The $3 million came from existing investors, Tregay said — Lilly Ventures, which led the $25.5 million round announced earlier this month, joined by existing investors Novartis Option Fund and Bio One Capital of Singapore. Lexington-based Cubist Pharmaceuticals Inc., also joined that round as a new equity investor through a conversion of a previously-issued note.
A $900,000 payment to company executives, disclosed in the form filed earlier this week, is a set-aside from existing funds for executive salaries, Tregay said.
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