Pheon secures $120M to boost ADC pipeline

Pheon Therapeutics has successfully raised $120 million in a Series B funding round to advance its unique antibody-drug conjugate (ADC) pipeline. The company's CEO, Cyrus Mozayeni, described the influx of funds as a pivotal moment for Pheon, which only came into the public eye in 2022. At that time, Bertrand Damour was at the helm, but Mozayeni took over last year to steer the company's growth trajectory.

Mozayeni brings a wealth of experience to Pheon. Before joining the company, he co-founded Vedere Bio and led it as CEO until its $280 million acquisition by Novartis. Additionally, he founded CODA Biotherapeutics and Oncorus and has experience in business development from his tenure at bluebird bio.

The recent funding was spearheaded by TCGX and included new investors such as BVF Partners, Lightspeed, and Perceptive Advisors. Pheon plans to utilize this capital to push its projects through clinical proof-of-concept stages. The company is focusing on three main assets that target a novel and highly overexpressed marker found in various solid tumors.

The lead candidate in Pheon’s pipeline, known as PHN-010, features a DAR8 Topoisomerase-1 inhibitor linker-payload. The other two drug candidates deploy different linker-payload technologies, reflecting the company's strategy to explore the full therapeutic potential of their target.

Overall, Pheon Therapeutics is on a growth trajectory with a strong financial backing and a promising pipeline aimed at making significant strides in oncology.