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.
