TP Therapeutics, a San Diego, CA-based clinical-stage precision oncology company developing novel drugs that address treatment resistance, completed an $80m round of mezzanine financing.
The round was led by Foresite Capital and venBio Partners with participation from new investors HBM Healthcare Investments (Cayman) and Nextech Invest and existing investors Cormorant Asset Management, Lilly Asia Ventures (LAV), Orbimed Advisors and SR One.
In conjunction with the financing, TP Therapeutics announced that Athena Countouriotis, M.D., has been promoted to chief executive officer from her previous role of chief medical officer. Dr. Countouriotis also has been named to the board of directors. Co-founder Peter Li, Ph.D., M.B.A., who has served as chairman and CEO since the company was founded, has transitioned into a new role as head of TP Therapeutics Asia. In this role, he will focus on building relationships with clinical investigators and partners to expand the potential for its pipeline in this important global region. Jean Cui, Ph.D., co-founder, president and chief scientific officer, has assumed the role of chairman.
In addition, the board has added two new directors:
– Brett Zbar, M.D., managing director at Foresite Capital, and
– Robert Adelman, M.D., managing partner of venBio Partners.
The company intends to use the funds to advance its lead product candidate, Repotrectinib (TPX-0005), into a Phase 2 potential registration study in early 2019 for ROS1-positive non-small cell lung cancer (NSCLC) and NTRK-positive solid tumors and to further develop its internally discovered pipeline.
Founded in October 2013 by Dr. J. Jean Cui, the lead inventor of Pfizer’s oncology drugs crizotinib and lorlatinib, TP Therapeutics is a clinical-stage precision oncology company developing a pipeline of novel drugs that aim to tackle treatment resistance and give new hope to patients who have stopped responding to available targeted therapies.
Repotrectinib (TPX-0005) is an orally bioavailable investigational small-molecule inhibitor of ALK, ROS1 and TRK family kinases.