Pheon Therapeutics Raises $120M in Series B Financing

Pheon Therapeutics, a Harpenden, near London, UK-based Antibody-Drug Conjugate (ADC) specialist developing next generation ADCs for a wide range of hard-to-treat cancers, closed a $120m Series B financing.

The round was led by TCGX with participation from other new investors BVF Partners, Lightspeed and Perceptive Advisors, alongside existing investors Atlas Venture, Brandon Capital, Forbion, and Research Corporation Technologies. As part of the financing, Cariad Chester, Managing Partner of TCGX, will join the board of directors.

The company intends to use the funds to further advance its differentiated ADC pipeline through clinical proof of concept, and expand its suite of in-house technology platforms to generate optimized ADC constructs.

Led by Cyrus Mozayeni MD, Chief Executive Officer, Pheon Therapeutics is an Antibody Drug Conjugate (ADC) specialist developing a pipeline of ADCs, based on novel targets and novel linker payloads, to treat solid tumors. Pheon’s lead program is a first-in-class ADC against a novel target that is highly overexpressed in solid tumors across a broad range of hard-to-treat cancer types.

The company expects to start its first Phase 1 clinical trial in 2024 and rapidly advance towards dose expansion cohorts.