Thiel, Parker said to fund secretive T-cell biotech startup

Little is known about the stealthy I-O biotech.

A report from CNBC says that PayPal founder Peter Thiel and Facebook investor Sean Parker are investing in a new, secretive oncology biotech company.

The news service, quoting a “person familiar with the company's financing,” says the so-called 3T Biosciences has raised more than $12 million, with the seed investment being led by Thiel, reportedly once up for the FDA chief role and a serial biotech investor, and Parker, who recently injected $250 million into the immuno-oncology research field in an effort to boost cancer survival rates.

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CNBC, quoting the anonymous source, says the stealthy startup is currently led by a “cancer biology Ph.D. student and investor, Asset Management Ventures’ principal Luke Lee, as well as a group of academics from Christopher Garcia's biology lab at Stanford.”

It’s said to be in the T-cell therapy space, and would add to a growing trend in this form of immuno-oncology upstarts.

It’s not unusual for early-stage biotechs to stay under the radar in their first 12-18 months as they build up seed investment and get through preclinical work.