San Diego's TRACON Pharmaceuticals, Inc. Reels In $27 Million

San Diego's TRACON Pharmaceuticals, Inc. Reels In $27 Million

September 22, 2014

By Riley McDermid, BioSpace.com Breaking News Sr. Editor

Clinical stage biopharma TRACON Pharmaceuticals, Inc. said Monday that it had completed a Series B round of financing for $27 million from venture capitalist shop New Enterprise Associates (NEA), BioMed Ventures and one other unnamed institutional investor.

The round also included funding from a host of familiar VC names, including Jafco Co. Ltd., Nextech Invest Ltd., Brookline Investments, Arcus Ventures and BHP.

The company had previously raised a $14 million Series A round from Jafco and Arcus.

As part of the Series B deal, TRACON said Paul Walker of NEA will join its board of directors , while Bruce Steel of BioMed Ventures will join as a board observer.

TRACON develops targeted therapies for cancer and age-related macular degeneration.

It currently is developing two clinical stage product candidates: TRC105, an anti-endoglin antibody that is being developed for the treatment of multiple solid tumor types, and TRC102, a small molecule that is being developed for the treatment of lung cancer and glioblastoma.

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