TORL to advance ADC pipeline with $158-million raise
10 Apr 2024
ADCPhase 2Phase 1
TORL BioTherapeutics announced on Wednesday the closing of an oversubscribed $158 million Series B-2 financing to advance the clinical development of its antibody-drug conjugate (ADC) oncology pipeline. The financing brings the total raised to date to over $350 million, which includes $158 million raised through Series B financing last year when TORL BioTherapeutics launched.
"This investment significantly enhances our opportunity to deliver multiple data-driven milestones from our novel antibody-based discovery platform and clinical-stage oncology drug development pipeline," remarked recently appointed CEO Mark Alles.
Led by Deep Track Capital, the latest financing was backed by RA Capital Management, Perceptive Advisors, Avidity Partners, Goldman Sachs Alternatives, UC Investments, Bristol Myers Squibb, Vertex Ventures, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, and the Perceptive Xontogeny Venture Fund.
Proceeds from the B-2 round will be used to fund the continued clinical development of the company's investigational ADC dubbed TORL-1-23 to treat CLDN 6 positive tumours through Phase I and a pivotal Phase II trial that will start in the second half. This Phase II trial is designed to support regulatory review and potential approvals for the ADC candidate as a new therapy for patients with CLDN 6 positive, platinum-resistant ovarian cancerCLDN 6 positive, platinum-resistant ovarian cancer.
Proceeds from the financing will also be used to fund the on-going Phase I studies for the TORL-2-307 programme, both a monoclonal antibody and an ADC, for the treatment of CLDN 18.2 positive solid tumours; TORL-3-600, an ADC for the treatment of CDH17 positive colorectal cancerCDH17 positive colorectal cancer; and TORL-4-500 an ADC for the treatment of DLK1 positive solid tumoursDLK1 positive solid tumours.
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