SAN FRANCISCO, Feb. 23, 2021 /PRNewswire/ -- Teon
Therapeutics, a biopharmaceutical company developing small
molecules that inhibit the immunosuppressive and cancer-promoting
signaling pathways, today announced the completion of a
$30M Series A financing. The
financing was led by Oceanpine Capital with participation from
additional new investors Oriza Ventures, Lifespan Investments, and
former Gilead senior executives. All existing investors also
participated in the financing round including Northern Light
Venture Capital, Kaitai Capital and Oriental Fortune Capital. The
funds will be used to advance the company's lead A2BR-selective antagonist TT-702 into the
clinic as well as to build the company's pipeline.
"This oversubscribed financing, during these uncertain times,
validates the potential of our pipeline and reflects the confidence
in our leadership team to deliver value for patients and investors.
In collaboration with Cancer Research UK, we will advance our
A2BR-selective antagonist
TT-702 into the clinic later this year, and we will also strive to
extend our unique portfolio." said Lina
Yao, MD, Ph.D., Founder and Chief Executive Officer of Teon.
"We are grateful for the continued support of our existing
investors and are excited to welcome our new investors during this
exciting time of growth and innovation for Teon. Their expertise
will be invaluable as we execute on our vision to improve the lives
of cancer patients across the world."
"The rapid development of Teon's next generation of
immunotherapies has been very impressive." said Dave Chenn, Founder, CEO and Managing Partner at
Oceanpine Capital. "Teon's GPCR-focused portfolio is differentiated
from other immuno-oncology approaches as evidenced by targeting
both immune and cancer cells. We look forward to working with this
experienced team and other investors to advance a unique class of
cancer immunotherapies into the clinic."
"We are thrilled for our continued partnership with Teon," said
Feng Deng, Founding Managing Partner
at Northern Light Venture Capital. "We have strong confidence in
Teon's experienced team and world-class GPCR experts and looking
forward to working closely together to rapidly develop and expand
its pipeline of novel therapies so that it can benefit as many
cancer patients as quickly as possible."
About Teon Therapeutics
Teon Therapeutics is a
privately-held, clinical-stage biopharmaceutical
company dedicated to improving the lives of cancer patients by
developing a focused portfolio of small molecules that inhibit
the immunosuppressive and cancer-promoting signaling pathways in
the tumor microenvironment. Teon's lead program is an
A2BR-specific antagonist
that will enter Phase1b trials in 2021. The experienced leadership
team are experts in adenosine and GPCR therapeutics
and were primary inventors of Lexiscan®, the only FDA-approved
selective adenosine therapeutic, which contributed to
the acquisition of CV Therapeutics by Gilead. Northern Light
Venture Capital led the company's $7M
Seed round. For more information about Teon Therapeutics, please
visit: www.teontherapeutics.com
Contact: info@teonthera.com
About Oceanpine Capital
With offices in Beijing, Hong
Kong, and Silicon Valley, Oceanpine Capital is an
institutional growth equity investment company formed by seasoned
entrepreneurs and sophisticated investors with 20 years of in-depth
industry operation and business building experiences in both US and
China. Our profound industrial and
business partners' (CEO club) network not only enables us to
originate true proprietary companies with visible customer and
revenues, but also provides tremendous value-added services to our
portfolio companies and therefore foster their further growth.
About Northern Light Venture Capital
Founded in 2005,
Northern Light Venture Capital (NLVC) is a leading early-stage
venture capital firm specializing in enterprise technology,
healthcare, and consumer technology companies. With $4.5 billion in capital under management, more
than 300 investments and over 50 successful exits, NLVC partners
with global entrepreneurs seeking China and global expansion opportunities, and
helps build great, sustainable global companies that change
society. NLVC is led by experienced entrepreneurs, operators, and
investors with deep technical and global expertise in both
China and the U.S.
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SOURCE Teon Therapeutics, Inc.
