An­oth­er mega-start­up: Chi­na in­vestors back TCR2's $125M cash round to fu­el a pre­clin­i­cal as­sault on sol­id tu­mors

In yet an­oth­er dis­play of biotech’s bold fundrais­ing en­vi­ron­ment right now, a Cam­bridge, MA-based start­up with a hand­ful of pre­clin­i­cal can­cer drugs in its pipeline has scored a $125 mil­lion mega-round — with all of the cash in the bank.

TCR2 Ther­a­peu­tics tells me they want­ed flex­i­bil­i­ty to pur­sue “mul­ti­ple pro­grams in mul­ti­ple for­mats,” which re­quires a sig­nif­i­cant amount of cash on hand. When peo­ple get hyped about mega-rounds, sober­ing re­al­ists will al­ways point out how mega-rounds are usu­al­ly tranched. That means the cash is gat­ed, and ac­cess to that cash is de­pen­dent on the start­up meet­ing cer­tain mile­stones.

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