San Diego-based TP Therapeutics is enjoying the rising flow of cash being directed to startup biotechs — particularly when they are devoted to oncology.
Seventeen months after raising $45 million for their C round, TP has come back to the well for an $80 million mezzanine round to finance their work on inhibiting oncogenic driver mutations of cancer. They plan to put the new cash to work funding a mid-stage trial of repotrectinib (TPX-0005) for ROS1-positive non-small cell lung cancer (NSCLC) and NTRK-positive solid tumors. And they say this study could be registrational.
The funding is coming along with a shakeup in the executive team. Athena Countouriotis is being promoted from CMO to CEO. Co-founder Peter Li, who has been chairman and CEO since the company was founded, has moved into a new role as head of TP Therapeutics Asia. Jean Cui, co-founder, president and chief scientific officer, has assumed the role of chairman.
Foresite Capital and venBio Partners led the round, with participation from new investors HBM Healthcare Investments and Nextech Invest. Also participating were existing investors including Cormorant Asset Management, Lilly Asia Ventures (LAV), Orbimed Advisors and SR One.
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