S.R. One Co-Leads Investment in TP Therapeutics' $45 Million Series C Financing Round
On May 23, 2017, TP Therapeutics, a clinical-stage biopharmaceutical company focusing on addressing oncology drug resistance, announced that it has raised $45 million in a Series C round of financing. The round was co-led by Lilly Asia Ventures (LAV), OrbiMed Advisors, and S.R. One, and included existing investors Cormorant Asset Management and SV Tech Ventures. WSGR advised S.R. One in the transaction.
According to a press release, proceeds from the financing will be used to fund the continued development of the company's lead program, TPX-0005, for treatment of naive and resistant patients with ALK, ROS1, or NTRK abnormal genes. The proceeds will also be used to fund the advancement of several pre-clinical pipeline projects. Also, in conjunction with the financing, TP Therapeutics announced that Carl L. Gordon, general partner at OrbiMed; Hongbo Lu, partner at LAV; and Simeon J. George, partner at S.R. One, have joined the company's board of directors.
Saluda Medical is developing the first intelligent Evoke Spinal Cord Stimulator (SCS) System, which is designed to use a patient's own neural fingerprint to monitor and adapt the dose of electrical stimulation automatically and tailor the therapy to meet each individual patient's needs in real-time. According to a press release, the latest round of funding will support the current U.S. pivotal randomized, double-blinded clinical trial now enrolling patients at 11 sites across the country. The financing will also allow Saluda Medical to commercialize the Evoke SCS therapy in Europe and Australia.
For more information, please see TP Therapeutics' press release.