US-based oncology therapy developer TScan Therapeutics has closed a $35m series B round that included vehicles for pharmaceutical firms Astellas and Novartis.
Novartis Institutes for BioMedical Research and Astellas Venture Management co-led the round with venture capital fund Pitango Venture Capital, while Novartis also invested through its Novartis Venture Fund.
Internet and technology group Alphabet took part in the round through its GV unit. It included 6 Dimensions Capital, the investment firm co-founded by pharmaceutical company WuXi AppTec, as well as Longwood Fund and Bessemer Venture Partners (BVP).
TScan is developing drugs that will target T-cell receptors in order to reprogram them to locate and destroy cancer cells. The technology was developed in the laboratory of Stephen Elledge, professor of genetics at Harvard Medical School, and of medicine at Brigham and Women’s Hospital.
The company said the round increased its overall funding to $60m, indicating the series A round it had closed in stealth mode was sized at $25m. It identified Longwood Fund as its founding investor and named GV, Novartis Venture Fund, 6 Dimensions and BVP as existing backers.
David P. Southwell, TScan’s president and CEO, said: “With this round, TScan has raised approximately $60m in funding and is well positioned to discover novel targets of tumour reactive T-cell receptors, and to develop these pairs in both liquid and solid tumour indications in oncology.”
