TetraLogic Pharmaceuticals Expands Series C Financing with New Investor Pfizer Ventures with Investment of $5 Million Incrasing Total Series C Financing to $32 Million
MALVERN, Pa.--(BUSINESS WIRE)--TetraLogic Pharmaceuticals, a biopharmaceutical company developing novel small molecule drugs to treat cancer, today announced that Pfizer Ventures has joined the syndicate of Series C investors with an investment of $5 million, increasing the amount of the Series C financing to $37 million. The initial Series C financing closing of $32 million was announced by TetraLogic Pharmaceuticals on August 10, 2010. The Series C financing was led by Clarus Ventures and included new investor Hatteras Venture Partners and existing investors Amgen Ventures, HealthCare Ventures, Latterell Venture Partners, Novitas Capital, Quaker BioVentures and the Vertical Group.
Proceeds from the financing will be used to advance clinical development of TL32711, TetraLogic's lead drug candidate for the treatment of cancer. TL32711 is a SMAC mimetic that neutralizes the activity of inhibitor of apoptosis proteins (IAPs) that block tumor cell death. TL32711 is being evaluated in a Phase 1 study as a single agent in patients with solid tumors and lymphoma refractory to standard therapies.
"This investment is part of Pfizer Ventures' overall strategy to finance emerging companies discovering and developing promising treatments for unmet medical needs, so we're very pleased to join TetraLogic and its investors to support its efforts to advance SMAC mimetics as potential new treatments for cancer," said Elaine Jones, Ph.D., Executive Director of Pfizer Ventures.
"The addition of Pfizer Ventures as a new investor further complements our financing syndicate," said John Gill, TetraLogic's President and Chief Executive Officer. "We have the ideal combination of institutional and corporate investors to support and advance our SMAC mimetics development program."
TL32711 is a small molecule peptidomimetic of SMAC (an endogenous regulator of apoptotic cell death) that selectively antagonizes multiple inhibitor of apoptosis proteins (IAPs). Apoptosis, a process of programmed cell death, is the primary way that cancer cells are destroyed by standard therapies and also by the body's biological responses to cancer. IAPs enable cancer cells to resist being destroyed. SMAC mimetics in preclinical studies have been shown to neutralize IAPs, and thus, overcome resistance and enable cancer cell destruction. TL32711 has demonstrated preclinical anti-tumor activity that supports its clinical development for solid tumor and hematological malignancies as a monotherapy and in combination with other anti-cancer therapies.
About TetraLogic Pharmaceuticals
TetraLogic Pharmaceuticals is a privately held biopharmaceutical company that discovers and develops small molecule drugs that modulate programmed cell death pathways to treat debilitating diseases and conditions. The Company's most advanced SMAC mimetics neutralize selected IAPs to treat cancer. Earlier programs are focused on discovering and developing SMAC mimetics to treat certain autoimmune and inflammation related diseases and conditions.
TetraLogic's investors include Amgen Ventures, Clarus Ventures, Hatteras Venture Partners, HealthCare Ventures, Kammerer Associates, Latterell Venture Partners, Novitas Capital, Pfizer Ventures, Quaker BioVentures and the Vertical Group. For additional information, please refer to the Company's website at www.tetralogicpharma.com.