Biopharmaceutical startup Teon Therapeutics completes $30m Series A financing for expansion

Teon Therapeutics, a biopharmaceutical company developing small molecules that inhibit the immunosuppressive and cancer-promoting signaling pathways, announced the completion of a $30 million 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 A_2BR-selective antagonist TT-702 into the clinic as well as to build the company's pipeline.

Lina Yao, Founder and CEO, Teon: "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 A_2BR-selective antagonist TT-702 into the clinic later this year, and we will also strive to extend our unique portfolio. 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."

Dave Chenn, Founder, CEO and Managing Partner, Oceanpine Capital: "The rapid development of Teon's next generation of immunotherapies has been very impressive. 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."

Feng Deng, Founding Managing Partner, Northern Light Venture Capital: "We are thrilled for our continued partnership with Teon. 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."

www.teontherapeutics.com