Preheat oven to 350°F. In a large microwave-safe bowl, combine olive oil, Italian seasoning, garlic, and crushed red pepper flakes; microwave, covered, on high for 30 seconds. Cool slightly.

Cut each biscuit into 4 pieces; add to oil mixture and toss to coat. Add cheeses and pepperoni; toss to combine.

In a heavy 10-inch fluted tube pan coated with cooking spray, layer half the biscuit mixture; drizzle with 1/4 cup marinara sauce. Repeat layers.

Bake for 40 minutes or until golden brown. Cool in pan for 10 minutes.

Run a knife around side and center tube of pan. Invert onto a serving plate. Serve with additional marinara sauce. If desired, top with torn fresh basil, additional grated Parmesan cheese, and red pepper flakes.