Endocyte Closes $26M Equity Financing

Endocyte Inc., a cancer drug discovery and development company, completed a $26m extension of its Series C financing round.
This round included existing institutional investors Sanderling Ventures, Burrill & Co., American Bailey Ventures, Blue Chip Venture Co., and Triathlon Medical Ventures and new investor Clarian Health Ventures.
Based on the applications of Endocyte’s advanced proprietary Drug Guidance System (DGS), the West Lafayette, Ind.-based company is working to develop new drugs and diagnostic agents to treat many types of cancer and other serious diseases.
Commenting on the round, Mike Sherman, chief financial officer of Endocyte said: “Our investors recognize the important clinical and preclinical progress we have made, as well as the significant potential of these technologies.
“The next major milestone will be the completion of the PRECEDENT study, a randomized Phase II study in ovarian cancer. Data from this study will be available as early as mid-2010”.

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