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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