Blend Therapeutics Secures $38 Million in Series C Financing and Changes Name to Tarveda Therapeutics
On January 27, 2016, Tarveda Therapeutics, INC. has secured $38 million in Series C Financing co-led by new investor Novo A/S and existing investor NEA (New Enterprise Associates). Meanwhile, Tarveda also announced to change the former brand “Blend Therapeutic” to clearly highlight the company’s differentiated approach to treating cancer.
Headquartered in Watertown, MA, Tarveda Therapeutics is a biotech with ties to MIT serial entrepreneur Robert Langer. The company focuses on an early-stage therapy that marries the proven benefits of antibody-drug conjugates (ADCs), designed to shuttle tumor-killing drugs to their desired targets, with nanoparticle technology that improves delivery.
Proceeds from the Series C financing will be used to advance a pipeline of Pentarins that Tarveda is developing for a range of solid tumor targets. In particular, the funding will support the advancement of Tarveda’s lead drug candidate, PEN-221, into Phase 1 clinical studies in mid-2016. PEN-221 is designed to target the somatostatin receptor for treatment of patients with neuroendocrine cancers including small cell lung cancer. With the availability of diagnostic tools to identify patients with over-expression of the somatostatin receptor in their tumors, Tarveda is employing a targeted strategy for clinical development by enrolling patients in the Phase 1 study who have been identified as most likely to benefit from treatment with PEN-221.
About Tarveda Therapeutics
Tarveda Therapeutics, Inc., is a biopharmaceutical company discovering and developing Pentarins™ as a new class of targeted anti-cancer medicines to advance the treatment of patients with solid tumor cancers. Tarveda’s lead Pentarin drug candidate, PEN-221, is a miniaturized biologic drug conjugate that targets the somatostatin receptor for treatment of patients with neuroendocrine cancers including small cell lung cancer. Tarveda’s strategy includes developing its own proprietary Pentarins as well as applying the Pentarin platform to enhance the effectiveness of the targeting moieties and payloads of pharmaceutical collaborators. Tarveda has attracted top-tier investors including Novo A/S, New Enterprise Associates, Flagship Ventures, NanoDimension, and Eminent Venture Capital.
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