BREAKING — Normunity closes $75M Series B to push NRM-823 into the clinic Founding CEO Rachel W. Humphrey, MD Built Yervoy, Imfinzi & Nexavar before founding her own company A new drug class: immune normalizers Partnered with Yale's Lieping Chen “Here, we're actually striking the match.” BREAKING — Normunity closes $75M Series B to push NRM-823 into the clinic Founding CEO Rachel W. Humphrey, MD Built Yervoy, Imfinzi & Nexavar before founding her own company A new drug class: immune normalizers Partnered with Yale's Lieping Chen “Here, we're actually striking the match.”
Immuno-Oncology · Founder File

Rachel Humphrey

She helped three cancer drugs reach patients inside big pharma. Then she walked into the part of the tumor everyone else avoids and started a company there.

PRESIDENT & FOUNDING CEO // NORMUNITY // WEST HAVEN · BOSTON

Rachel W. Humphrey, MD, founding CEO of Normunity

A match, not a bellows

Most cancer immunotherapy works on tumors that are already smoldering. Rachel Humphrey decided to work on the ones that are stone cold.

Her own line for it is short: “Here, we're actually striking the match.” The companies around her fan flames that already exist, fanning a T-cell response that the tumor has already let in. Normunity, the company she founded and runs, is built for the tumors that never lit at all. A tumor with no T cells inside it, she points out, will not respond to anything on the shelf today. So she is trying to get the cells in.

That is an unusual place for a person with her resume to be standing. Humphrey spent a quarter century helping move cancer drugs through the machinery of Bristol Myers Squibb, AstraZeneca, and Bayer, the kind of work that produces approvals and revenue and rooms full of people who already know how it goes. She had three marketed therapies attached to her name. She could have kept doing the thing she was demonstrably excellent at. Instead, in 2022, she became a first-time founder, on purpose, at the hardest open question in her field.

Normunity calls its drugs immune normalizers. The premise is almost rude in its simplicity: stop engineering exotic workarounds and instead free the immune system to do the job it was already built to do. “We're developing a new way to uncloak the tumor and allow the normal immune system to do what it was meant to do,” Humphrey says. It is the kind of sentence that sounds obvious until you realize nobody had drugged the biology underneath it.

“Immune normalizers are an untapped new compartment in the immune system. We think there's a lot of white space here.” — Rachel Humphrey, on Normunity's founding thesis
3
Approved drugs
she helped build
25+
Years in cancer
drug development
$75M
Series B,
January 2025
NRM
823
Lead T cell
engager program

What an immune normalizer actually does

The standard immunotherapy toolkit assumes the immune system has already shown up. Normunity's bet is on the tumors where it hasn't.

The crowded approach

  • Checkpoint inhibitors release the brakes on T cells that are already inside the tumor
  • Bispecific antibodies drag immune cells toward the cancer
  • Engineered cell therapies build fighters in a lab and reinfuse them
  • All of it leans on immune cells already being in the neighborhood

The Normunity move

  • Targets the biology at the interface between immune system and tumor
  • Uncloaks “cold” tumors so T cells can get inside in the first place
  • Restores the normal immune response instead of forcing an artificial one
  • Strikes the match rather than fanning an existing flame

The science traces to Lieping Chen, the Yale immunologist whose lab discoveries underpin much of modern checkpoint biology. Normunity runs as a tightly integrated alliance between Chen's lab in West Haven and Humphrey's drug-development team, which is its own quiet rebellion against the usual wall between academia and industry. Chen finds the biology. Humphrey turns it into medicine.

Before she founded, she shipped

Three approved cancer therapies carry her fingerprints. Each one came from a different company and a different mechanism.

Yervoy
BMS
CTLA-4 immunotherapy (ipilimumab)
Imfinzi
AstraZeneca
PD-L1 immunotherapy (durvalumab)
Nexavar
Bayer
Kinase inhibitor (sorafenib)

Then came the biotech years: chief medical officer at Black Diamond Therapeutics, CytomX Therapeutics, and Mirati Therapeutics, three turns in the seat where science meets the clinic. By the time she started Normunity, she had seen the drug-development gauntlet from nearly every angle - the regulatory grind of big pharma and the everything-at-once urgency of small companies. The founder's chair was the one role left.

From the NCI bench to the corner office

She came up through biochemistry at Harvard, medicine at Case Western, internal medicine at Johns Hopkins, then an oncology fellowship at the National Cancer Institute at the dawn of modern immuno-oncology. The thread is consistent: she has been circling the immune system and cancer for her whole working life, and Normunity is where the circle closes.

“We're doing here something that no one has ever done before. This isn't a me-too approach. It's perfectly fresh.” — Rachel Humphrey
1979–83

Harvard University

BA in biochemistry.

1985–89

Case Western Reserve

Medical degree, MD.

1989–92

Johns Hopkins

Internal medicine residency.

1990s

National Cancer Institute

Oncology fellow and staff physician.

2000s

Big pharma

Led development of Yervoy (BMS), Nexavar (Bayer), Imfinzi (AstraZeneca).

2010s

Biotech CMO

Black Diamond, CytomX, Mirati Therapeutics.

2022

Normunity founded

Co-founded with Lieping Chen; launched with $65M Series A.

2025

$75M Series B

Co-led by Samsara BioCapital and Enavate Sciences; NRM-823 heads to Phase 1.

A Series B with a heavyweight cap table

In January 2025 Normunity closed $75 million, co-led by Samsara BioCapital and Enavate Sciences. The new money brought in Regeneron Ventures, Pfizer Ventures, and YK Bioventures, alongside earlier backers including Canaan Partners, Sanofi Ventures, Taiho Ventures, Osage Venture Partners, HongShan, and Connecticut Innovations.

The proceeds have one headline job: get NRM-823 into people. It is a first-in-class T cell engager aimed at a novel, highly specific tumor target found across multiple solid cancers, with the Phase 1 trial planned to begin in the second half of 2025. The rest funds a broader pipeline of anti-cancer programs going after drug mechanisms nobody has touched.

Plainspoken about hard science

Here, we're actually striking the match.On Normunity's edge
A tumor that doesn't have T cells will not respond to the therapies that are available now.On cold tumors
This is not checkpoint inhibition. This is not a bispecific antibody. This is not an artificially engineered cellular therapy.On what it isn't
Immune normalizers are an untapped new compartment in the immune system.On the thesis
We're developing a new way to uncloak the tumor and allow the normal immune system to do what it was meant to do.On the goal
We're doing here something that no one has ever done before. It's perfectly fresh.On not being a me-too
01

She has worked both sides of the cancer-drug world: three marketed blockbusters inside big pharma, then three chief-medical-officer seats in emerging biotech, before founding her own.

02

Normunity lives in two states at once - research in West Haven next to Yale, headquarters near Boston - so the company is genuinely New England, not just one city's biotech scene.

03

She started as a biochemistry major, not a pre-med cliche, and landed at the NCI right as immuno-oncology was becoming a real field. The timing reads like a long setup for Normunity.