PMV Pharma gets a whopping $74M round to test a new p53 drug in humans
Mutant p53 proteins have been one of the biggest — and most frustrating — targets in biotech. But an upstart in Cranbury, NJ has landed a whopping $74 million B round to put its approach to the test.
PMV Pharma is following a theory that’s been focused on before. If mutant p53 is the culprit, then restoring the protein and eliminating the mutant escape mechanisms that have kept this target out of reach could prove the key to coming up with an effective therapy. If they’re right, they can go after a pathway involved in roughly half of all tumors.
PMV was co-founded by Arnold Levine, who’s devoted much of his career to studying p53. And it has a far way to go as it looks to get out of preclinical work and into the clinic for human testing.
Topspin Biotech Fund led a group of investors with Euclidean Capital, with participation from existing investors InterWest Partners, OrbiMed Advisors, and Osage University Partners.
“This financing provides PMV Pharma with the resources to broadly expand our pipeline and to bring p53 therapies to the clinic,” said David Mack, the CEO of PMV Pharmaceuticals. “We are excited to have Topspin join us in our pursuit of developing meaningful new medicines for large segments of the cancer population. The enthusiasm and confidence from our new and existing investors underscore the important advances we have made.”