Tolero Pharmaceuticals Closes $14.2 Million Series B Financing
-- New Funding will Support Continued Development of Alvocidib and the Advancement of Promising Pipeline Assets --
SALT LAKE CITY, UT – August 7, 2014 – Tolero Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company developing treatments for oncology and hematologic diseases, today announced the closing of a $14.2 million Series B financing, led by funds advised by Fred Alger Management Inc. and other institutional and individual investors. Proceeds will support the further development and commercialization of Tolero’s lead program, alvocidib, being developed for the treatment of acute myeloid leukemia (AML), and the ongoing advancement of the Company’s preclinical pipeline. Tolero plans to initiate a Phase 3 clinical trial of alvocidib in patients with AML in 2015.
“This financing enables Tolero to continue the clinical and regulatory advancement of alvocidib, and positions us well to further develop our exciting pipeline of novel molecules in clinical development,” said Dr. David Bearss, co-founder and CEO of Tolero Pharmaceuticals. “Our new and returning investors have provided a resounding endorsement of our approach to discovering and developing important new medicines for patients with cancer and other serious diseases.” T.R. Winston & Company, LLC acted as exclusive placement agent to Tolero.
About Alvocidib
Alvocidib is a potent small molecule inhibitor of cyclin-dependent kinases (CDKs) in development as a front-line combination therapy for acute myeloid leukemia (AML) and relapsed/refractory AML. CDKs are regulatory proteins that are critical to cellular replication and regulation of gene expression. Given the key role CDK de-regulation plays in unchecked cell division and growth, CDKs remain an attractive target for the treatment of various cancers.
About Tolero
Tolero Pharmaceuticals is a clinical stage biopharmaceutical company developing treatments to improve and extend the lives of patients with serious oncological and hematological diseases. Our diverse pipeline targets important biological drivers of blood disorders to treat leukemias and anemia as well as important targets of drug resistance and transcriptional control. For more information, visit www.toleropharma.com.
Contact:
Joe Nilson Tolero Pharmaceuticals, Inc.
801-285-6003
bizdev@toleropharma.com
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