Biotech startup Kite Pharma has raised $35m for cancer-fighting technologies in a series A round backed by a syndicate of investors.
The Los Angeles-based startup announced that it has closed $20m in new funds, as well as converting $15m in outstanding promissory notes into series A preferred stock. Life science VC Alta Partners, VC firm Pontifax and Commercial Street Capital were joined by Kite’s founder Arie Belldegrun and investment firm TPG Group co-founder David Bonderman for the round.
As part of the deal, both Farah Champsi, managing director of Alta, and Ran Nussbaum, managing partner of Pontifax, will join Kite’s board of directors.
Kite is commercialising a targeted kidney cancer vaccine (called AdGMCAIX) licensed by the University of California Los Angeles (UCLA). The cancer immunotherapeutic product restores and reprograms the body’s immune system to both recognise and remove tumours.
Aya Jakobovits, president and chief executive of Kite Pharma, said: “We are extremely pleased with the significant level of interest in Kite and its programs by our existing investors and by Alta Partners, a premier life sciences investment firm. The new resources will allow us to advance clinical and manufacturing activities of engineered autologous T cell therapy (eACT) products directed to hematological and solid tumour indications.”
