US-based small molecule cancer therapy developer Treadwell Therapeutics has secured over $91m in a series B round co-led by pharmaceutical firm Sino Biopharmaceutical with investment adviser 3W Fund Management.
The round also featured venture creation firm Tio Bioventures, Prosperous Alliance, Alpha Win Capital, Fortune Ocean Growth Fund, private investor Adrian Cheng and unnamed others.
Spun out of Tio Bioventure’s drug discovery incubator, Treadwell is developing drugs that inhibit enzyme pathways to treat solid and blood cancers, using technology from Canadian research hospital University Health Network.
The capital will be used to advance a drug pipeline that includes potential treatments for advanced solid tumours (CFI-402411) and leukaemia (CFI-400945) through preclinical and clinical development.
The startup also intends to submit an investigation new drug application for its CFI-402257 breast cancer candidate by the end of 2021. It had previously raised $27m in seed funding from Tio Bioventures when it launched publicly in January 2020.
Michael Tusche, co-chief executive of Treadwell, said: “Since our company was founded in July 2019, we have made significant strides in building and validating our clinical stage small molecule portfolio as well as broadening our pre-clinical pipeline of novel biologic and cell therapy assets.
“The funding will allow us to further the development of our product candidates, as well as to continue building out our organisation in all functions with the talent necessary to support our mission, which is to translate novel scientific insights into hope for patients in need.”
