By Bhanvi Satija
LONDON (Reuters) -German biotech firm Tubulis said on Wednesday it had raised 308 million euros ($358 million) in its biggest financing round to date, contributing to a total of 495 million euros earmarked for advancing its research into targeted cancer therapies.
Tubulis is developing targeted cancer treatment, specifically antibody-drug conjugates often referred to as “guided missiles,” which deliver chemotherapy directly to cancer cells while minimizing harm to healthy tissue.
The market for these treatments is projected to reach $31 billion by 2030 based on currently approved drugs and could expand further, analysts at TD Cowen estimated.
The financing signals that investors continue to think of such targeted therapies as a lucrative market, despite a prolonged period of tight financing in the biotech industry.
“It’s a very competitive space, and the reason why it’s competitive is because this format is really providing benefit for patients,” said Tubulis CEO Dominik Schumacher.
Schumacher said the funds will be used to test the company’s lead product – known as TUB-040 – in earlier lines of therapy and additional cancers.
The drug binds to NaPi2b, a protein found in certain cancer cells, and is being tested as a treatment for platinum-resistant ovarian cancer and a common form lung cancer.
Data from its ovarian cancer trial will be presented at a medical meeting in Berlin on October 19.
The funding round was led by U.S. based Venrock Healthcare Capital Partners.
The Munich-based biotech firm has partnered with U.S. drugmakers Bristol Myers and Gilead to develop next generation antibody-drug conjugate treatments.
Schumacher said partnerships were part of a biotech’s business model and the company was open to evaluating any “good opportunities” that come their way.
($1 = 0.8594 euros)
(Reporting by Bhanvi Satija; Editing by Bernadette Baum)
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