US-based immunotherapy developer Eureka Therapeutics closed a $45m series E round on Tuesday that was led by cell therapy producer Lyell Immunopharma.
The round included undisclosed new and existing backers, and Lyell made the investment as part of a strategic partnership agreement that will involve the companies working together to develop treatments for certain solid tumours.
Founded in 2006, Eureka is working on engineered T cell therapies that will target solid and haematologic tumours. Its lead asset, ET140202, is currently undergoing a phase 1/2 clinical trial for patients with a type of liver cancer called advanced hepatocellular carcinoma.
The series E funding will allow Eureka to advance its product pipeline, including ET140202. Founder and chief executive Cheng Liu said: “We are delighted by the vote of confidence from Lyell and other investors in our TCR-mimic and Artemis platforms.
“This financing and strategic collaboration with Lyell represents a strategic inflection point for Eureka and will enable us to accelerate the development of novel therapies for patients.”
Venture capital firm T Acorn Pacific Ventures led a $60m series D round for Eureka in 2018, investing together with private equity firm GP Capital and unnamed existing shareholders.
The company had received $21m in a 2014 series C round led by private equity firm Yuan Capital and backed by VC fund Acorn Campus Ventures, its Suma Venture affiliate, VC firm Majuven and growth equity firm Harbinger Venture Capital.
Unnamed investors provided $6m in series B funding for Eureka in 2008, after a $2m series A round featuring Acorn Campus Ventures, Desert Spring Biotech Capital and Pacific Rim Ventures the previous year.
