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TORL BioTherapeutics Closes Oversubscribed $158M Series B-2 Financing

Proceeds will be used to advance the clinical development of its novel antibody-drug conjugate oncology pipeline.

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By: Charlie Sternberg

Associate Editor, Contract Pharma

TORL BioTherapeutics, LLC, a clinical-stage biotechnology company involved in discovery and development of new antibody-based immunotherapies designed to improve and extend the lives of patients with cancer worldwide, has closed an oversubscribed $158 million Series B-2 financing.
 
The financing, led by Deep Track Capital, with new participation from global biotechnology investors including RA Capital Management, Perceptive Advisors, and Avidity Partners as well as all existing biotechnology investors including Goldman Sachs Alternatives, UC Investments, Bristol Myers Squibb, Vertex Ventures HC, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, and Perceptive Xontogeny Venture Fund, brings the total raised to date to greater than $350 million.
 
Proceeds from this Series B-2 financing will be used to continue the clinical development of TORL-1-23, the company’s first-in-class ADC to treat CLDN 6+ tumors, through Phase 1 and a pivotal Phase 2 trial that will start in the second half of 2024. Proceeds will also be used to fund the on-going Phase 1 studies for the TORL-2-307 program, both a monoclonal antibody (mAb) and an ADC, for the treatment of CLDN 18.2+ solid tumors, TORL-3-600, an ADC for the treatment of CDH17+ colorectal cancer, and TORL-4-500, an ADC for the treatment of Delta like non-canonical Notch Ligand 1 (DLK1) positive solid tumors.
 
“We are grateful for the continued support from our existing world-class life sciences investors and are extremely pleased to add RA Capital Management, Perceptive Advisors, and Avidity Partners to the TORL team,” said Mark Alles, TORL’s Chairman and CEO. “This investment significantly enhances our opportunity to deliver multiple data-driven milestones from our novel antibody-based discovery platform and clinical-stage oncology drug development pipeline.”

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