Taiho Ventures, the corporate venturing arm of healthcare firm Taiho Pharmaceutical, has participated in a $45m series B round for US-based biotechnology producer Harpoon Therapeutics.
Arix Bioscience and New Leaf Venture Partners co-led the round, which also featured MPM Capital.
Harpoon Therapeutics is working on an immuno-oncology platform, called Tritac, that produces treatments with an optimised ability to penetrate tissue and extend serum exposure.
The platform has potential applications in a wide range of cancers, including tumours, and immunologic diseases. The company’s first candidate, HPN424, is aimed at metastatic prostate cancer and is expected to enter phase 1 clinical trials next year.
The funding will go towards the continued development of Tritac and help move two lead programs into the clinic. The company also hopes to expand its pipeline both through discovery and partnering initiatives.
Sakae Asanuma, president of Taiho Ventures, will join Harpoon’s board as an observer, while Mark Chin, investment manager and Arix, and Ron Hunt, managing director at New Leaf, will join the board of directors.
Harpoon Therapeutics previously raised capital from MPM Capital in April 2016. Deals database Crunchbase put the size of the series A round at $15m, though the claim is unsourced.