Molecular Templates, Inc., a Georgetown, TX-based biopharmaceutical company focused on the discovery and development of a new class of biologic therapies, raised an additional $3.5m in Series C financing.
AJU IB Investment made the investment. As part of the financing, Timothy Sullivan, a partner at AJU Life Sciences Overseas Expansion Platform Fund, will join the Board of Directors.
The company, which had previously raised $8.5M in the round led by Excel Ventures with participation from Santé Ventures (read here), intends to use the funds to continue to expand the utility of its platform and move more compounds to the clinic.
Led by Eric Poma, CEO and CSO, Molecular Templates has developed a biologics platform known as Engineered Toxin Bodies (ETBs) that can be used to develop a multitude of different therapeutics against a variety of diseases. An ETB is comprised of two components:
1) a single-chain variable fragment of an antibody that specifically binds only to a tumor cell, or other target cell, and
2) a component of Shiga-toxin engineered to safely enter targeted cells and kill them.