Teon Therapeutics Completes $30 Million Series A Financing
SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- Teon Therapeutics, a biopharmaceutical company developing small molecules that inhibit the immunosuppressive and cancer-promoting signaling pathways, today announced the completion of a $30M Series A financing. The financing was led by Oceanpine Capital with participation from additional new investors Oriza Ventures, Lifespan Investments, and former Gilead senior executives. All existing investors also participated in the financing round including Northern Light Venture Capital, Kaitai Capital and Oriental Fortune Capital. The funds will be used to advance the company's lead A2BR-selective antagonist TT-702 into the clinic as well as to build the company's pipeline.
"This oversubscribed financing, during these uncertain times, validates the potential of our pipeline and reflects the confidence in our leadership team to deliver value for patients and investors. In collaboration with Cancer Research UK, we will advance our A2BR-selective antagonist TT-702 into the clinic later this year, and we will also strive to extend our unique portfolio." said Lina Yao, MD, Ph.D., Founder and Chief Executive Officer of Teon. "We are grateful for the continued support of our existing investors and are excited to welcome our new investors during this exciting time of growth and innovation for Teon. Their expertise will be invaluable as we execute on our vision to improve the lives of cancer patients across the world."
"The rapid development of Teon's next generation of immunotherapies has been very impressive." said Dave Chenn, Founder, CEO and Managing Partner at Oceanpine Capital. "Teon's GPCR-focused portfolio is differentiated from other immuno-oncology approaches as evidenced by targeting both immune and cancer cells. We look forward to working with this experienced team and other investors to advance a unique class of cancer immunotherapies into the clinic."
"We are thrilled for our continued partnership with Teon," said Feng Deng, Founding Managing Partner at Northern Light Venture Capital. "We have strong confidence in Teon's experienced team and world-class GPCR experts and looking forward to working closely together to rapidly develop and expand its pipeline of novel therapies so that it can benefit as many cancer patients as quickly as possible."
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SOURCE Teon Therapeutics, Inc.