US-based immuno-oncology drug developer Pact Pharma has received $95m in funding from investors including GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures, Bloomberg has reported.
The round also featured venture capital firm Canaan Partners and undisclosed other investors, and follows $31m in earlier funding according to Bloomberg.
Pact’s website also lists Taiho Ventures, the corporate venturing arm of pharmaceutical company Taiho, as an investor, along with Invus Capital, Foresite Ventures, Pontifax and Droia.
Founded in 2016, Pact Pharma is developing neo-antigen-based oncology treatments intended to reprogram the body’s immune system to destroy cancer cells.
The company intends to use the funding to support clinical trials for its drug pipeline which are expected to begin in 2019. GV general partner Blake Byers has been on its board of directors since 2016 and has been its interim president since December 2017.
Byers told Bloomberg: “The science is on our side. If we fail, it is our fault. The big risk here is a failure of operations.”