US-based immuno-oncology company Neon Therapeutics raised $70m in series B funding on Thursday from investors including conglomerate Access Industries.
The round was led by Partner Fund Management, with participation from financial services conglomerate Fidelity Management & Research Company, Third Rock Ventures, Wellington Management Company, Inbio Ventures and Nextech Invest.
Neon Therapeutics is working on therapeutic vaccines and T-cell therapies to treat cancer. The company’s approach uses the body’s own immune system to target proteins called neoantigens which are caused by tumour mutations.
The capital will help advance the company’s lead candidate, Neo-PV-01, through an ongoing phase 1b clinical trial. The cash will also support the preclinical development of another program, Neo-PTC-01, and the company’s shared neoantigen program.
Neon previously secured $55m in series A capital in October 2015 from founding investor Third Rock, Access Industries and healthcare-focused investment holding firm Clal Biotechnology Industries.
Hugh O’Dowd, chief executive of Neon Therapeutics, said: “The investor quality in this financing reflects the promise of the neoantigen biology platform, as well as our leading position.
“This capital is a testament to our strong team and our approach to neoantigen-based therapeutics, and will provide important resources to bring potentially life-changing medicines to cancer patients in need.”