US-based anti-tumour drug developer Tempest Therapeutics has closed a $70m series B round that included Lilly Asia Ventures, a corporate venturing subsidiary of pharmaceutical form Eli Lilly.
Versant Ventures, the healthcare investment firm that was Tempest’s founding investor, co-led the round with F-Prime Capital Partners, a subsidiary of financial services group Fidelity, and alternative investment firm Quan Capital.
The investors were rounded out by another Fidelity subsidiary, Eight Roads Ventures, and growth equity firm Foresite Capital. Robert Weisskoff, a partner at F-Prime, is joining Tempest’s board of directors along with Tom Woiwode of Versant and Stella Xu of Quan Capital.
Tempest is developing small-molecule therapeutics intended to fight cancer by modulating anti-tumour immunity pathways in the body. The molecules were originated by Versant-affiliated drug discovery engine Inception Sciences.
The funding will be used to advance the company’s lead program, for an inhibitor of the IDO enzyme known as TPST-8844, into clinical studies in the next year. Tempest aims to move at least two more candidates into the clinic shortly afterwards.
Tom Dubensky, Tempest’s CEO, said: “It is very gratifying to have attracted a top-tier syndicate of investors who share our belief in the depth and breadth of Tempest’s pipeline.
“Our ongoing collaboration with Inception will not only facilitate development of the existing pipeline but also allow for discovery of complementary drug candidates that promote induction of effective anti-tumour immunity.”