Molecular Templates raises millions more from investors

Sep 16, 2014
Austin Business Journal

Molecular Templates Inc., a biopharmaceutical startup, has expanded its series C financing with an additional $3.5 million investment

The Georgetown-based company — which has secured more than $20 million of capital to date — focuses on the development of biologic therapies and disclosed Monday that the newest capital was supplied by Korea-based AJU IB Investment Co. Ltd. Molecular Templates previously raised $8.5 million in the Series C financing involving Excel Venture Management and Santé Ventures, according to a company news release

As part of the funding deal, Timothy Sullivan, a partner at AJU Life Sciences Overseas Expansion Platform Fund, will join the board of directors

Molecular Templates, founded in 2009, employed 20 workers earlier this year. It has secured two patents for its technology, with another six expected to be approved, company executives have said

In July, it reported raising $7 million of the planned $8.5 million Series C round of funding it announced in late 2013. The funding is designed to cover the cost of the first phase of clinical trials for the company’s lead compound designed to kill non-Hodgkin’s lymphoma cells

CEO Eric Poma said the series C financing round is the largest capital raise since the company was founded with $2.5 million. Molecular Templates also completed a $3.5 million Series B round of funding

Additionally, the company collected $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

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