On November 18, 2021 Treadwell Therapeutics, a clinical-stage biotechnology company developing novel, cross-modality medicines for unmet needs in cancer, reported the closing of an oversubscribed Series B financing, which raised more than $91 million (Press release, Treadwell Therapeutics, NOV 18, 2021, View Source [SID1234595784]). The financing was led by Sino Biopharmaceutical Limited and 3W Fund Management Limited ("3W Fund"), and included new investors including renowned culture entrepreneur and investor Mr. Adrian Cheng, Prosperous Alliance, Alpha Win Capital, Fortune Ocean Growth Fund L.P. and, along with existing investors TIO Bioventures, and other undisclosed institutional and individual investors.
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"Our team is very excited to announce the closing of this transformative Series B financing, and are very grateful to our investors, both old and new, for their belief, commitment and support of our goal to build a globally impactful Biotechnology organization," said Shane Burgess, Chairman and co-CEO of Treadwell Therapeutics. "Since our company was founded in July 2019, we have made significant strides in building and validating our clinical stage small molecule portfolio, as well as broadening our pre-clinical pipeline of novel biologic and cell therapy assets. The funding will allow us to further the development of our product candidates, as well as to continue building out our organization in all functions with the talent necessary to support our mission, which is to translate novel scientific insights into hope for patients in need," added Dr. Michael Tusche, co-CEO of Treadwell Therapeutics.
"Treadwell Therapeutics is a company steeped in world class science and has an exciting pipeline of first in class drugs with compelling signs of clinical activity," said Dr. Mao Li, Chief Medical Officer at Sino Biopharmaceutical Limited. "We are excited to be part of Treadwell in the next phase of its growth."
"We are excited to support Treadwell to further develop its strong pipeline of first in class drugs to help patients worldwide." said Cathy Chen of 3W Fund. "We look forward to significant growth of Treadwell in the near future."
The proceeds from this financing will allow Treadwell to continue the clinical and pre-clinical development of its broad, multi-modality pipeline. This includes the company sponsored TWT-101 study of CFI-402411 in advanced solid tumors as a monotherapy and in combination with pembrolizumab; the company sponsored TWT-202 study of CFI-400945 in leukemia as a monotherapy and in combination with decitabine or azacitidine, an IND filing in late 2021 and subsequent company sponsored study of CFI-402257 in metastatic ER+ Breast cancer, as well as other opportunistic trials. The Series B financing will also support Treadwell’s continued development and validation of its preclinical pipeline of novel biologic and cell therapy approaches, the latter of which is expected to enter the clinic around early 2023. Lastly, the funding will allow Treadwell to continue to grow and operationalize the organization with world class talent and infrastructure.