Travecta Therapeutics Announces it has Closed its Oversubscribed Series A Round at $27 Million
NEW YORK and SINGAPORE – June 11, 2020 – Travecta Therapeutics, a biopharmaceutical company pioneering a portfolio of product candidates engineered to cross the blood-brain-barrier, announces today it has raised an additional $12 million in financing, closing its Series A round at a total of $27 million. The fund-raise was led by TKS1, a life science focused venture capital fund formed by the partnership between SPRIM and Tikehau Capital.
“The positive traction we are having with our data along with the strength of interest from development and licensing partners has motivated our current investors to contribute an additional $12 million,” said Michael Shleifer, CEO of Travecta Therapeutics. “This financing will accelerate our trajectory into the next phase of development, and we’re thankful to our partners for the support.”
This funding comes on the heels of Travecta Therapeutics’ mVECTATM platform achieved targeting of a broad range of product candidates across the blood-brain-barrier with proven efficacy against pharmacological targets. “Our mVECTATM platform technology is unlocking key biological targets in neurological diseases that were previously difficult to engage because of the blood-brain barrier,” said Dr. Mahmood Ahmed, Chief Scientific Officer.
The proceeds from the Series A financing will be used to support Travecta’s growth and advance the development of TVT-004, Travecta’s lead non-opioid product targeting pain. The company plans to enter clinical trials in 2021. The funding will also support the progression of the company’s earlier stage research programs in neuro-oncology and neuro-inflammation.
Bruno de Pampelonne, Chairman of Tikehau IM said, “Travecta Therapeutics’ mVECTATM platform could revolutionize treatments in a broad range of neurological indications often very difficult to treat. We are thrilled to partner with Travecta’s team in this endeavor”
Travecta’s mVECTATM platform
Travecta’s mVECTATM proprietary platform is built upon a deep understanding of the Mfs2da transporter protein and its function at the blood-brain-barrier as well as in other key physio-pathological conditions discovered by Dr. David Silver, Professor at Duke-NUS and Scientific Founder of Travecta.
About Travecta Therapeutics
Travecta Therapeutics is a biopharmaceutical company developing a broad portfolio of product candidates engineered to cross the blood-brain-barrier. The company’s proprietary platform mVECTATM allows to screen and develop product candidates that can cross the blood-brain barrier targeting novel and untapped neurological pathways.
Travecta Therapeutics was founded by Dr. David Silver and Dr. Mahmood Ahmed together with the SPRIM Ventures team.
For more information, visit: https://travectatherapeutics.com/.