Cancer treatment developer Blend Therapeutics has now raised almost $78m altogether and has changed its name to Tarveda Therapeutics.
US-based biopharmaceutical company Tarveda Therapeutics changed its name from Blend Therapeutics on Wednesday, raising $38m in a series C round co-led by pharmaceutical firm Novo and VC firm New Enterprise Associates (NEA).
Existing investors Flagship Ventures, NanoDimension and Eminent Venture Capital also participated in the round. Nilesh Kumar, senior principal of Novo subsidiary Novo Ventures, will join Tarveda’s board alongside Frank Torti of NEA.
Tarveda is developing a new class of cancer medicines it calls Pentarins. It will spend the series C capital on advancing its lead product candidate, PEN-221, into phase 1 clinical studies later this year.
Drew Fromkin, pesident and CEO of Tarveda Therapeutics, said: “This financing will accelerate our progress in advancing Pentarin candidates into the clinic to treat cancer patients with solid tumours where large unmet needs remain.
“We are pleased that we have attracted an outstanding syndicate of life sciences investors with strong financial and sector experience to assist Tarveda in becoming a leading innovator of cancer therapies during this exciting time for our company.”
The company has now secured a total of $77.8m in funding, including $21m in a January 2015 series B round featuring NEA, Flagship Ventures, NanoDimension and Eminent Venture Capital.
