TRACON Pharmaceuticals Inc., a San Diego, CA-based biopharmaceutical company developing treatments for cancer, held a $14m first closing of a $22m venture capital financing.
The round was led by JAFCO and Nextech Invest, with participation from Arcus Ventures, Brookline Investments and BHP.
In conjunction with the financing, Kenji Harada and Hironori Hozoji of JAFCO, and Myoung-Ok Kwon of Nextech Invest, will join TRACON’s board.
The company plans to use the funds to continue development of the antibody TRC105, an inhibitor of angiogenesis that is being developed in multiple Phase 1b and Phase 2 indications, that are supported by the National Cancer Institute, including ongoing trials in prostate, bladder and liver cancer.
TRACON also announced that William G. Kaelin MD, Professor of Medicine, Harvard Medical School, USA and member of the board of scientific advisors of the National Cancer Institute, and Charles L. Sawyers MD, chair of the Human Oncology and Pathogenesis Program affiliated with the Memorial Sloan-Kettering Cancer Center, will join the scientific advisory board.
The company is led by Dr. Charles Theuer, President and CEO.