Tokai Pharmaceuticals, a US-based company that develops treatments for prostate cancer, secured $23m in series D financing on Tuesday, from investors including Novartis Venture Fund, the corporate venturing unit of Switzerland-based pharmaceutical company Novartis.
Novartis was joined in the round by another existing investor, the venture capital firm Apple Tree Partners, Apple Tree being the company behind Tokai’s launch in 2004. Both companies contributed to a prior series D round for Tokai, in May 2009, which raised $22m.
Martin Williams, formerly at Dicerna, has replaced Apple Tree partner Seth Harrison as chief executive of Tokai with the round.
Business data website allbusiness.com reports that Tokai raised $11.5m from its seed through to its series C round, with Apple Tree the most prominent investor.
The capital will be invested in the ongoing clinical trials of Tokai’s lead product, Galeterone. Galeterone is a molecular-based drug that disrupts the growth and survival of prostate cancer cells when taken orally.
Campbell Murray, managing director of Novartis Venture Fund, said: "We are pleased to provide ongoing support to Tokai as they advance their innovative approach to treating prostate cancer and expand their team. We’re excited about the addition of Martin as the company’s CEO and we look forward to the next stage of clinical development for galeterone."