Rain Therapeutics, a US-based biotechnology developer based on research from University of Auckland, closed an $18.4m series A round yesterday featuring the Inventors Fund, managed by the institution’s tech transfer office Auckland UniServices.
The round was led by Biotechnology Value Fund (BVF) and included Perceptive Advisors as well as assorted private investors.
Rain Therapeutics is developing cancer treatments. Its lead candidate, Tarloxotinib, is aimed at a certain, rare type of non-small cell lung cancer that affects approximately 6,500 patients in the US each year.
The money will enable Rain to advance the clinical development of Tarloxotinib, with plans to initiate a phase 2 trial in the first half of 2019. Gorjan Hrustanovic, analyst at BVF, will join the board of directors.
The series A round follows a $1m convertible note financing secured in late 2017.
