<img src="https://ml.globenewswire.com/Resource/Download/fbcb69a8-bb9a-4d13-b91e-c43f05ec2ee1?size=2" nborder="0" align="left" hspace="5" vspace="5" title="FlareTx-Logo-OverLightBG.png" alt="Flare Therapeutics Inc."/>- Proceeds will fund advancement of ARON degrader, FX-111, to proof of concept and preclinical development of ARON RIPTAC program - Veteran biotech executive, Anna Protopapas, appointed as CEO to guide company through next phase of growth focused on prostate cancer CAMBRIDGE, Mass., June 30, 2026 (GLOBE NEWSWIRE) -- Flare Therapeutics Inc. (FlareTx), a clinical-stage biotechnology company targeting transcription factors to discover and develop precision medicines, today announced the closing of an $85 million Series C financing led by existing investors. In connection with the financing, the company also announced the appointment of Anna Protopapas as Chief Executive Officer. The financing was led by Third Rock Ventures and Nextech Invest and included participation from Pfizer Ventures, Boxer Capital, GordonMD Global Investments® LP, Invus, Casdin Capital, Eli Lilly and Company, Novartis, Agent Capital and Eventide Asset Management. Proceeds from the financing will be used to advance the Company’s prioritized programs, as well as for working capital and general corporate purposes. Pipeline Prioritization In connection with the financing, the Company has completed a strategic review of its pipeline and will concentrate resources on FX-111, a first-in-class, highly differentiated, potent and selective degrader targeting ARON, the transcriptionally active, hormone-bound androgen receptor for prostate cancer. By targeting ARON, FX-111 has the potential to overcome the key resistance mechanisms that limit conventional therapies directed at AROFF, particularly in high-risk AR-driven disease, with broad applicability across all stages of AR-driven disease. The Company received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) and expects to initiate clinical development in the third quarter of 2026. FlareTx is also advancing an ARON Regulated Induced Proximity Targeting Chimeras (RIPTAC) program through preclinical development. This program complements FX-111 and further expands the Company’s ability to address prostate cancer across the full disease continuum. “At Nextech, we focus capital where we see the strongest scientific and clinical conviction,” said Kanishka Pothula, Managing Partner at Nextech Invest. “We believe FlareTx’s ARON-targeting approach is highly differentiated and has the potential to address important limitations of current prostate cancer therapies. This financing reflects our continued conviction in the team, the platform, and the potential of FX-111 to become an important therapy for patients with AR-driven prostate cancer.” “Our continued support of FlareTx into this next phase of growth is a testament to the differentiated transcription factor platform that has advanced novel programs into the clinic with potentially transformational impact to patients,” said Abbie Celniker PhD, FlareTx founder and Partner at Third Rock Ventures. “We are also very pleased to welcome Anna Protopapas as incoming CEO. Her proven track record of leadership in oncology, spanning global development through commercialization, makes her exceptionally well suited to lead the Company.” FX-909, a first-in-class, orally available PPARG inhibitor targeting the luminal lineage biology underlying urothelial cancer, is currently being evaluated in a Phase 1B dose expansion study. The Company intends to advance this program through an external partnership to fully realize its potential, including opportunities to explore combination regimens and earlier lines of therapy where luminal lineage biology plays a defining role. "This is an exciting time for Flare Therapeutics and for patients with prostate cancer who desperately need new options. FX-111 offers a new approach to targeting the androgen receptor pathway that has the potential to transform prostate cancer treatment across all stages of disease, while avoiding mechanisms of resistance, representing a genuinely differentiated opportunity,” said Anna Protopapas, incoming Chief Executive Officer. “I am thrilled to lead a team that has proven it can advance a platform focused on drugging transcription factors and look forward to demonstrating that potential as we initiate our Phase 1A clinical study for FX-111 in the coming weeks.” CEO Appointment Anna Protopapas joined the board of Flare Therapeutics in February 2025 and became Chair in September 2025. Most recently, Ms. Protopapas served as President and Chief Executive Officer of Mersana Therapeutics from 2015 until September 2023, where she led advancement of the company’s ADC platforms and pipeline, transitioning the company to a publicly traded entity and raised significant capital through partnerships and equity financing. Prior to Mersana, Ms. Protopapas was President of Millennium, a wholly owned subsidiary of Takeda, where she led Takeda’s oncology business. Ms. Protopapas also served as Executive Vice President of Global Business Development at Takeda, where she led acquisitions and partnerships that helped catalyze Takeda’s growth and globalization. Earlier, Ms. Protopapas was an executive officer at Millennium and served in various senior leadership positions, playing an integral role in the company’s transformation from a genomics start-up to a fully integrated oncology leader and the subsequent acquisition of the company by Takeda. Ms. Protopapas has served as the Chair of the Board at Nuvalent since early 2022 (recently announced to be acquired by GSK for $10.6B) and previously served on the boards of ARIAD Pharmaceuticals (acquired by Takeda), Bioverativ (acquired by Sanofi) and Dicerna (acquired by Novo Nordisk) and Mersana Therapeutics (acquired by Day One). She received her B.S. in Science and Engineering from Princeton University, M.S. in Chemical Engineering Practice from the Massachusetts Institute of Technology and M.B.A. from Stanford Graduate School of Business. About Flare Therapeutics Inc. Flare Therapeutics is a clinical-stage biotechnology company exclusively focused on drugging transcription factors to fully unlock the therapeutic potential of this previously elusive target class. The company’s development portfolio targeting transcription factors involved in oncology leverages Flare Therapeutics’ integrated discovery platform of capabilities that identifies novel validated ligands to the undrugged proteome. For more information, please visit <a href="https://www.globenewswire.com/Tracker?data=HpJrG0oRoIe1w6Tr8Zk8646Gv_MckO6qYoF_5q8Or-dNeKZIAxRgMKlXhHurmmjZG7uWVGNjPX0jcNHYTzSQIO8xJ6JQ7vbHi7QhMmssyfg=" rel="nofollow" target="_blank" title="www.flaretx.com">www.flaretx.com</a> and follow us on <a href="https://www.globenewswire.com/Tracker?data=AF4EL2vRy5IpJIXSLIF0Sv3DZr0wwdQJ9OL5zhNYAX3r4E-8vMub-7x8odx58Jb9geegr_erae2msG6GumhsH10eYLyELketZr8dMZ7L-JPOY3Xcb7KuQGh0L-_VaIVF" rel="nofollow" target="_blank" title="LinkedIn">LinkedIn</a>. Contacts: Investors Sarah McCabe <a href="https://www.globenewswire.com/Tracker?data=5tXbBR60RmH9YyNudvbUy4rHoEBeNp0OcgQNXxDfPIE1detCchBgKWRYqiRAOB-H0gLxUCXK9gWD51wdP7cATsqeYVMMSPGmGQOwtcy8nVpzWKchRJDw784oE_94P0Ao" rel="nofollow" target="_blank" title="investorrelations@flaretx.com">investorrelations@flaretx.com</a> Media <a href="https://www.globenewswire.com/Tracker?data=wu7X4C0VYrTg1xc1MA8mCWaxPDb7vOoNJ60fg_F3TvUQOe4hCV9w_oPL4pChYiCY0q9LKXbqYqnIWfTWizbSRZiXKu9iGC2j4_lJ52wLC5w=" rel="nofollow" target="_blank" title="media@flaretx.com">media@flaretx.com</a> <img alt="" src='https://ml.globenewswire.com/media/NGI5MTc3NTEtNDZlMi00YmY5LWFlOTMtMDkxN2UzZmEzNDNhLTEyMzU4MzItMjAyNi0wNi0zMC1lbg==/tiny/Flare-Therapeutics-Inc-.png' referrerpolicy='no-referrer-when-downgrade' />

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Flare Therapeutics Secures $85M in Insider-Led Series C Financing and Appoints Anna Protopapas as Chief Executive Officer

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