Peloton Therapeutics, a clinical-stage biotechnology company, announced Thursday that it completed its $52.4 million Series D financing round.
The round included new investor Foresite Capital Management and participation from all its existing investors, including Remeditex LLC, The Column Group, Tichenor Ventures LLC, Topspin Fund LP, and Nextech Invest Ltd.
“We are pleased to support Peloton’s efforts to develop first-in-class, small molecule drugs against challenging and important molecular targets in oncology,” said Foresite Capital’s CEO and Managing Director Jim Tananbaum, in a news release.
As part of the Series D financing, Foresite will add an observer to Peloton’s Board of Directors.
D Healthcare Daily recently reported that UT Southwestern Medical Center was one of two academic centers in the nation to receive an $11 million SPORE award, or the Specialized Program of Research Excellence, from the National Cancer Institute to further research into finding biomarkers that will tip off the development of cancerous tumors in a patient’s kidney.
The university has already discovered a key protein involved in the formation of kidney cancer, which Peloton Therapeutics has used to develop its drug candidate, PT2385, that’s currently in phase 1 clinical trials for the treatment of advanced or metastatic clear cell kidney cancer UT Southwestern.
The American Cancer Society estimates that more than 62,000 new cases of kidney cancer will be diagnosed this year and more than 14,000 will die from the disease.
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R E A D N E X T
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The Cancer Prevention and Research Institute of Texas (CPRIT) will convert previous grant awards to an equity investment. OncoNano uses pH as a biomarker to detect metastatic cancer. The technology "lights up" a tumor in imaging during real-time surgery.
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The investment was led by Advantech Capital, a PE fund based in China that focuses on TMT, pharmaceuticals, and healthcare. This combined with the support from the Cancer Prevention and Research Institute of Texas (CPRIT), which granted OncoNano $9.97 million last year, will support Phase 3 clinical trials for the biotech's technology that can diagnose and treat cancer with high specificity.
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Southlake-based OncoNano Medicine uses pH-sensitive nanoparticle technology to "light up" cancer for real-time surgical imaging. The multi-year collaboration will seek to uncover new cancer therapies that can benefit from OncoNano's technology. OncoNano raised $50 million in Series B funding in June.
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The Cancer Prevention and Research Institute of Texas awarded a $3.9 million grant to The University of North Texas Health Science Center (HSC) in Fort Worth to expand a program that aims to create more diversity in the medical and biomedical sciences fields.
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Dallas' Mary Kay Foundation has donated $150,000 to CancerCare to provide direct support to women who are most in need of financial or emotional assistance.
