Georgetown biotech firm gets $8.5M for cancer drug

Oct 9, 2013
Austin Business Journal

Molecular Templates Inc. of Georgetown announced Tuesday that it has secured $8.5 million from investors to fund clinical trials for a new treatment for non-Hodgkin’s Lymphoma

The Series C funding comes from investors including Excel Venture Management and Sante Ventures, which was already an investor in the company

The capital comes on top of a $10.6 million grant the company received in 2011 from the Cancer Prevention Research Institute of Texas. The new treatment is expected to expand receptive cellular targets for cancer drugs, overcome resistance mechanisms and deliver precise payloads of targeted cell types

According to the Leukemia and Lymphoma Society, non-Hodgkin’s will be diagnosed almost 70,000 times in the U.S. in 2013, and an estimated 20,200 people are expected to die from the disease this year

The new treatment comes from Molecular Templates’ work in developing its Engineered Toxin Bodies technology that can be used to create treatments for a variety of diseases. ETBs can kill cancerous tumors while having little effect on non-cancerous cells and can reinvigorate antibody cancer drugs that can lose their effectiveness due to tumor resistance, according to the company

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