Tolero Pharmaceuticals, Inc., a Lehi, UT-based clinical-stage biopharmaceutical company developing treatments for oncology and hematologic diseases, closed a $14.2m Series B financing.
The round was led by funds advised by Fred Alger Management Inc. and other institutional and individual investors.
The company intends to use the funds for further development and commercialization of its lead program, alvocidib, being developed for the treatment of acute myeloid leukemia (AML), and the ongoing advancement of its preclinical pipeline.
It plans to initiate a Phase 3 clinical trial of alvocidib in patients with AML in 2015.
Led by Dr. David Bearss, co-founder and CEO, Tolero Pharmaceuticals develops treatments for patients with serious oncological and hematological diseases. Its pipeline targets biological drivers of blood disorders to treat leukemias and anemia as well as important targets of drug resistance and transcriptional control.
Alvocidib is a small molecule inhibitor of cyclin-dependent kinases (CDKs) in development as a combination therapy for acute myeloid leukemia (AML) and relapsed/refractory AML.