The first tranche for Tracon Pharmaceuticals is $14m to fund the development of the antibody TRC105 through its phase two trials.

Tracon Pharmaceuticals, a US-based developer of cancer therapeutics renamed in 2005 from Lexington Pharmaceuticals, has raised $22m, to be drawn down in two tranches.

Tokyo-listed venture capital (VC) investors Jafco and Nextech Invest co-led the round, joined by VC peers Arcus Ventures and BHP and merchant bank Brookline Investments.

The first tranche is $14m to fund the development of the antibody TRC105 through its phase two trials.

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