05:39 PM EDT, 05/28/2025 (MT Newswires) -- ORIC Pharmaceuticals ( ORIC ) said Wednesday that the ongoing phase 1b trial of its investigational drug ORIC-944, in combination with androgen receptor inhibitors, showed "broad and deep" preliminary responses in patients with metastatic castration-resistant prostate cancer or mCRPC.

ORIC-944 is a selective allosteric inhibitor of the polycomb repressive complex 2 via the embryonic ectoderm development subunit.

The company is evaluating ORIC-944 in a phase 1b dose exploration trial in combination with Erleada, Johnson & Johnson's (JNJ) AR inhibitor, and Nubeqa, Bayer's AR inhibitor. Trial objectives include determining the recommended phase 2 dose, and evaluating safety, tolerability, pharmacokinetics, and preliminary clinical activity.

ORIC said the trial demonstrated a safety profile compatible with long-term dosing, with most adverse events being mild to moderate in severity.

Following completion of the Phase 1b dose exploration portion, expected in mid-2025, the company plans to evaluate two candidate phase 2 doses for each combination in a dose optimization phase during H2. These data will inform dose selection for the first global phase 3 registrational trial in mCRPC, expected to begin in H1 2026.

Separately, ORIC announced a private placement of about 19.2 million shares to institutional and accredited healthcare specialist investors at $6.50 per share, or $6.4999 per warrant.

Gross proceeds from the offering are expected to total roughly $125 million, with the closing anticipated on Thursday.

Proceeds will be used to support R&D for clinical-stage candidates and programs, as well as for general corporate purposes. ORIC said the financing, combined with existing cash and investments, is expected to fund operations into the second half of 2027 and through the anticipated primary endpoint readout of the phase 3 ORIC-944 trial in prostate cancer.

Shares of ORIC Pharmaceuticals ( ORIC ) were up more than 21% in after-hours activity.