Crescendo snares $70M Series B for its tumor-fighting tech
A tiny company in Cambridge, UK has hauled in one of the biggest European financing rounds of the year — $70 million in a Series B round — to push forward its oncology pipeline.
The biotech, called Crescendo Biologics, has a platform tech that’s the basis for a number of preclinical programs, including its lead drug CB307, which boosts an anti-tumor immune response right in the tumor microenvironment.
The company’s technology platform focuses on a proprietary transgenic mouse, which allows it to develop something it calls “Humabodies” — similar to monoclonal antibodies but smaller in size, less expensive, and according to the company, offer “modular plug and play engineering options for generating novel bi- or multi-specific formats.”
Takeda expressed its interest in Crescendo’s platform tech a couple years ago, when the pharma giant inked a partnership deal worth up to $790 million with the company. Today, Crescendo is working on undisclosed targets for Takeda.
This new Series B round was led by Andera Partners (formerly Edmond de Rothschild Investment Partners), and joind by Quan Capital and Crescendo’s existing investors Sofinnova Partners, IP Group, EMBL and Takeda Ventures.
“We have been very impressed with the high quality of the novel biology behind multi-functional Humabodies and Crescendo’s growing development portfolio,” said lead investor and Andera partner Gilles Nobécourt in a statement. “Crescendo is a true pioneer in the development of targeted T-cell engagement and we are looking forward to working with the team.”
The new funds will be used to push forward the CB307 program and expand the company’s internal pipeline.