Peloton raises a monster $150M in latest round, as lead drug heads for pivotal trial
Less than two years after raising $22 million in a D round, Dallas-based Peloton Therapeutics has reaped a fresh $150 million E round, eclipsing the capital the company has raised in total from each preceding raise.
The biotech, founded by UT Southwestern biochemistry chairman Steven McKnight, got started in 2011 with an $18 million round. The money from this new haul — which was led by RA Capital — will be used to develop the company’s lead compound PT2977. The drug targets hypoxia inducible factor-2α (HIF-2α), a transcription factor involved in cancer progression, and it’s being readied for a Phase III in patients with clear cell renal cell carcinoma.
The E round included new investors such as OrbiMed and Vida Ventures, with participation from the existing set including The Column Group, Nextech Invest, Topspin Fund, and Tichenor Ventures.
In a statement, John Josey, the company’s chief executive, added: “We are delighted to have received such avid support from this eminent group of healthcare investors.”
The latest raise comes a few months after chief Josey hired his former Array colleague John Moore as Peloton’s general counsel and corporate secretary.