Tokai Pharmaceuticals, a Cambridge, Massachusetts-based biopharmaceutical company focused on developing new treatments for prostate cancer, has raised $23m in a Series D3 financing.
Backers include existing investors Novartis Venture Fund and Apple Tree Partners.
The company intends to use the new funds to support the ongoing clinical development of galeterone (TOK-001), its lead drug candidate, which has completed an initial proof-of-concept Phase 1 clinical trial for the treatment of patients with castration resistant prostate cancer (CRPC).
Tokai Pharmaceuticals also appointed oncology industry veteran Martin D. Williams as new president and CEO, and as a member of its Board of Directors. Previously, Mr. Williams was chief business officer at Dicerna Pharmaceuticals and Synta Pharmaceuticals, and held leadership positions at a variety of other public and privately held biopharmaceutical companies. Acting CEO Seth Harrison, M.D., will remain chairman of Tokai.