Tolero Pharmaceuticals, Inc., a Salt Lake city, Utah-based clinical-stage biopharmaceutical company developing treatments for oncology and hematologic diseases, closed the second tranche of its Series B financing, bringing the total amount raised to $22.4m.
The round was led by Fred Alger Management Inc., with investments from other institutional and individual investors.
Proceeds will support the further development and commercialization of Tolero’s lead program, alvocidib, which is being developed for the treatment of acute myeloid leukemia (AML) and the ongoing advancement of its preclinical pipeline. Tolero plans to initiate Phase 3 clinical trials of alvocidib in patients with AML and clinical trials of two of its preclinical programs in 2015.
Led by Dr. David Bearss, co-founder and CEO, Tolero Pharmaceuticals is developing a pipeline that targets important 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 front-line combination therapy for acute myeloid leukemia (AML) and relapsed/refractory AML.
08/08/2014: Tolero Pharmaceuticals Closes $14.2m Series B Financing