Blend Therapeutics, Inc., a Watertown, Mass.-based biopharmaceutical company discovering new classes of medicines to treat cancer, secured $21m in funding.
The new financing includes additional equity investment from a new investor and all of the company’s existing venture investors including New Enterprise Associates, Flagship Ventures, NanoDimension and Eminent Venture Capital in an expansion of the Series B round, as well as debt financing from an institutional investment firm.
The proceeds of the financing will enable Blend to advance its proprietary Pentarin™ platform, which creates novel, miniaturized biologic drug conjugates encapsulated in nanoparticles, representing a new class of cancer therapeutics, as well as to further its lead program, BTP-114, through studies to enable filing of an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA).
Including the $21 million announced today, the company has obtained a total of $39.8 million in funding to date.
Led by Richard Wooster, PhD, President of Research and Development, and Omid Farohkzad, MD, Founder and Chairman, Blend also announced today that it has secured a technology license from a private biotechnology company for novel bi-podal biologic targeting ligands that is an exclusive license in the field of oncology.