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.
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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