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.

John Josey

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.

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