Georgetown biotech company secures $7M in latest funding round

Jul 7, 2014
Austin Business Journal

Molecular Templates Inc., a Georgetown-based biotech company, has secured $7 million of an $8.5 million round of f unding it announced in the fall. The latest round of funding, its third, will help cover the cost of the first phase of clinical trials for the company’s lead compound designed to kill non-Hodgkin’s lymphoma cells

Eric Poma. CEO and founder of Molecular Templates, told Austin Business Journal the latest round of funding from Excel Venture Management and Sante Ventures is its largest venture capital raise since the company was founded in 2009 with $2.5 million

The second round raised $3.5 million and the company has also received $10.6 million from the Cancer Prevention Research Institute of Texas, the $3 billion state agency which funds research, prevention and commercial therapies to combat cancer

The company has 20 employees in primarily research and development roles and has secured two patents for its technology, with another six expected to be approved

Poma said the company is about five or six years away from having the drug ready for commercial use and said its current plan, thanks to the CPRIT funding, is for Molecular Templates to handle the commercialization of the drug rather than licensing or selling it to a large pharmaceutical company

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