Peloton Therapeutics, a clinical-stage biotechnology company, announced Thursday that it completed its $52.4 million Series D financing round.
The round included new investor Foresite Capital Management and participation from all its existing investors, including Remeditex LLC, The Column Group, Tichenor Ventures LLC, Topspin Fund LP, and Nextech Invest Ltd.
“We are pleased to support Peloton’s efforts to develop first-in-class, small molecule drugs against challenging and important molecular targets in oncology,” said Foresite Capital’s CEO and Managing Director Jim Tananbaum, in a news release.
As part of the Series D financing, Foresite will add an observer to Peloton’s Board of Directors.
D Healthcare Daily recently reported that UT Southwestern Medical Center was one of two academic centers in the nation to receive an $11 million SPORE award, or the Specialized Program of Research Excellence, from the National Cancer Institute to further research into finding biomarkers that will tip off the development of cancerous tumors in a patient’s kidney.
The university has already discovered a key protein involved in the formation of kidney cancer, which Peloton Therapeutics has used to develop its drug candidate, PT2385, that’s currently in phase 1 clinical trials for the treatment of advanced or metastatic clear cell kidney cancer UT Southwestern.
The American Cancer Society estimates that more than 62,000 new cases of kidney cancer will be diagnosed this year and more than 14,000 will die from the disease.
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