Apple Tree and Novartis back Tokai’s $35m Series E


pharmaceutical 12_sqCancer-focused biotech firm Tokai Pharmaceuticals has wrapped up a $35m Series E round, which was supported by existing investors Apple Tree Partners and Novartis Venture Funds.

Tokai said that round was also backed by undisclosed angel investors.

The funding will be used for the development of Tokai’s lead prostate cancer candidate.

The company plans to expand the ongoing ARMOR2 Phase 2 clinical trial of galeterone in patients with castration resistant prostate cancer (CRPC) and prepare for registration studies.

Global head of Novartis Venture Funds Reinhard Ambros said, “Based on its highly differentiated clinical profile, unique triple mechanism of action and the ARMOR2 clinical results to date, we believe that galeterone may be a promising new treatment option for all stages of CRPC.

“We are pleased to continue to support Tokai in the development of this important new prostate cancer therapy.”

Novartis has recently backed a €32.2m Series A round for gene therapy specialist GenSight Biologics along with Abingworth, Versant Ventures and Index Ventures.

Copyright © 2013 AltAssets