Healthcare Industry News: HSMN NewsFeed
News Release - March 21, 2018
TCR2 Therapeutics Raises $125 Million in Oversubscribed Series B FinancingProceeds will support clinical development of lead program TC-210 and expansion of the multi-format TRuC™-T cell pipeline in solid tumors and blood cancers
CAMBRIDGE, Mass., March 21, 2018 -- (Healthcare Sales & Marketing Network) -- TCR2 Therapeutics Inc., an immuno-oncology company pioneering a novel class of T cell receptor (TCR)-based cellular therapies for solid tumors and blood cancers, announced today the completion of an oversubscribed Series B financing of $125 million. Proceeds of the financing will be used to advance two TRuC™-T cell programs through human proof-of-concept, including its lead solid tumor program TC-210 targeting mesothelin. Proceeds will also support further expansion of the company's multi-format TRuC™ platform with a pipeline that includes dual-target TRuC™, immune cell enhancements and allogeneic technologies.
The financing was co-led by 6 Dimensions Capital and Curative Ventures with participation from new investors including Redmile Group, ArrowMark Partners, Hillhouse Capital Group, MiraeAsset Financial Group, Syno Capital, Haitong International Securities, Lucion Group, Sirona Capital, Alexandria Venture Investments and entities affiliated with Leerink Partners. They were joined by all of the company's existing investors – MPM Capital (MPM BioVentures 2014 and UBS Oncology Impact Fund by MPM Capital), F2 Ventures and Cathay Fortune Capital Investment.
"We are delighted to have such a strong group of investors as we transition into a clinical-stage company. They have recognized our unique ability to target both solid and hematological cancers using a TCR approach that is not HLA dependent," said Dr. Garry Menzel, Chief Executive Officer of TCR2. "The diversity of our new investor base is a reflection of the increasing globalization of cell therapy, and this financing gives us important partners who can help with our strategy in both the United States and China."
"TCR2 has made rapid progress since it emerged from stealth mode in December 2016. The demand we received for this financing is a testament to the caliber of the differentiated approach and world-class team we have assembled," said Dr. Ansbert Gadicke, MPM Co-Founder and Chairman of the Board of TCR2. "I am also delighted to welcome both Dr. Wei Li and Dr. Neil Gibson as members of our board. They will add tremendous value as we set the course for clinical success."
TCR2 has appointed to its board of directors Dr. Wei Li, a Founding Partner of 6 Dimensions Capital and previously an Executive Partner at Fidelity Biosciences, along with Dr. Neil Gibson, whose extensive oncology research and development experience includes senior roles as the Chief Scientific Officer of OSI Pharmaceuticals, Pfizer Oncology, Regulus Therapeutics and COI Pharmaceuticals.
About TCR2 Therapeutics
TCR2 Therapeutics is an immuno-oncology company that has pioneered a novel class of T cell therapies for solid tumors and blood cancers that utilize the full signaling power of complete T cell receptors (TCR) without the need for HLA-matching. TCR2's proprietary multi-format TRuC™ platform reprograms the natural TCR complex to elicit rapid killing of cancer cells with long persistence and low cytokine release. The company has demonstrated superior activity against several tumor targets in preclinical models compared to CAR T cells and will advance its lead solid tumor program TC-210 targeting mesothelin into the clinic in 2018. TCR2 was founded in 2015 by renowned German immunologist Dr. Patrick Baeuerle and backed with a $44.5M Series A financing led by MPM Capital and F2 Ventures. With a world-class team of immunotherapy experts and entrepreneurs, the company is located in the heart of Kendall Square in Cambridge, MA. For more information, please visit www.tcr2.com.
Source: TCR2 Therapeutics
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