Novartis and Google Back TScan Therapeutics’ $48M Series B to Advance Genome-Wide High-Throughput Immuno-Oncology Platform

On July 24, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company TScan Therapeutics announced the completion of its Series B financing to develop next-generation immuno-oncology therapies. Following this round, the company’s total fundraising reached $48 million. Participants in this financing round included Novartis Venture Fund, Novartis Institutes for Biomedical Research, Bessemer Venture Partners, GV (formerly Google Ventures), and founding investor Longwood Fund.

TScan Therapeutics is headquartered in Boston, Massachusetts, USA. The company focuses on developing immuno-oncology therapies that enhance the efficacy of treatments while reducing side effects for patients who do not respond to existing options. By discovering novel cancer targets, TScan develops safe and effective T-cell therapies to improve patients’ lives. Its immuno-oncology therapies reprogram patients’ own T cells to recognize and combat cancer targets using natural T-cell receptors (TCRs).

Expanding TCR-T cell therapy to a broad range of cancer indications requires the identification of novel cancer-shared targets and safe, effective TCRs, leveraging T cells from cancer patients that possess the ability to recognize and eliminate cancer cells. TScan Therapeutics employs its proprietary whole-genome high-throughput platform to discover such cells and apply them to the development of safe and effective TCR-T cell therapies.

TScan’s technology is based on the research of Stephen Elledge, Professor of Genetics and Medicine at Harvard Medical School and Brigham and Women’s Hospital. Elledge invented a technology to screen for previously undiscovered T-cell receptors (TCRs) in cancer cells. The technology can also scan the entire proteome encoded by the human genome to determine whether these proteins interact with the identified T cells.

Dr. Elledge has gained international renown for his pioneering work in DNA damage repair and was awarded the 2015 Lasker Award for Basic Medical Research and the 2017 Breakthrough Prize in Life Sciences.

“TScan is dedicated to harnessing the immune system to activate cancer patients’ immune responses. It is the only whole-genome, high-throughput, unbiased system capable of identifying the natural targets of TCRs,” commented David Southwell, CEO of TScan. “Building on Dr. Elledge’s pioneering work, TScan’s technology platform has the potential to uncover novel targets for a wide range of diseases, including cancer, autoimmune disorders, and infectious diseases. We have made significant progress in discovering new shared targets in cancer and look forward to applying TCR therapies to patients with both hematologic and solid tumors.”

Novartis Venture Fund, established in 1996 and headquartered in Switzerland, invests across various disease areas in the life sciences sector. It is dedicated to identifying companies with genuine innovative spirit and the potential to benefit patients. The fund currently manages over $800 million in assets.

Novartis Institutes for BioMedical Research (NIBR) is Novartis’ innovation engine. NIBR transcends scientific and organizational boundaries, focusing on delivering novel therapeutic technologies with strong breakthrough potential for patients. NIBR aims to spark a digital revolution within Novartis by leveraging digital technologies, advanced analytics, and artificial intelligence to drive innovation and enhance efficiency.

Bessemer Venture Partners, founded in 1911, is one of the world’s most experienced seed-stage venture capital firms. Bessemer manages over $4 billion in venture capital, with a portfolio comprising more than 200 companies and investments in over 130 companies worldwide.

Bessemer is committed to helping visionary entrepreneurs lay a solid foundation, build companies, and support them through every stage of corporate growth. Bessemer’s 15 partners have offices in the United States, Israel, and India.

Google Ventures (GV) is the investment arm of Google, established in March 2008. Leveraging its strengths, Google aims to support innovative and promising technology startups by making early-stage investments across multiple sectors, including consumer internet, software, clean technology, biotechnology, healthcare, and other emerging fields.

Longwood Fund is a U.S.-based fund management firm established in 2010. The firm primarily provides financial support to companies in the healthcare industry, committed to identifying therapies that transform patients’ lives and ensuring that each investment creates greater value. Longwood Fund has invested in more than twenty companies, including TScan Therapeutics, ArcherDX, and Sitryx Therapeutics Limited.

(Compiled by Cheng Tao)