Peloton Therapeutics Secures $150 Million Series E Financing to Advance HIF-2α Inhibitor PT2977 for Renal Cell Carcinoma

Artery New Medicine (WeChat ID: biobeat1) has learned that on February 20, 2019, the biopharmaceutical company Peloton Therapeutics secured $150 million in Series E financing. The funds will be used to advance the Phase III clinical trial of PT2977, a HIF-2α inhibitor for the treatment of advanced renal cell carcinoma.

This round of financing was led by RA Capital Management, with participation from existing investors Column Group, Nextech Invest, Topspin Fund, Tichenor Ventures, and Foresite Capital, as well as new investors Eventide Asset Management, Biotechnology Value Fund, OrbiMed, EcoR1 Capital, Vida Ventures, Curative Ventures, and Driehaus Capital Management.

Since its inception, Peloton Therapeutics has secured three rounds of financing. In 2016, the company raised $52.4 million in Series D funding, led by Foresite Capital.

Peloton Therapeutics, founded in 2010, is a biopharmaceutical company dedicated to the development of novel small-molecule drugs for the treatment of cancer and other life-threatening diseases. The company is investigating PT2977, a small-molecule inhibitor of hypoxia-inducible factor HIF-2α. PT2977, the company’s lead candidate, blocks HIF-2α and is being developed for the treatment of renal cell carcinoma.

HIF-2α is a transcription factor that regulates the body’s response to insufficient oxygen supply; it remains inactive when oxygen levels are adequate. However, inactivation of tumor suppressors can lead to abnormal activation of HIF-2α, turning it into an oncogenic driver and contributing to diseases such as renal cell carcinoma. Previously, biotechnology experts generally believed that small-molecule drugs could not inhibit HIF-2α. The research achievements of Peloton Therapeutics have pioneered the use of small-molecule drugs to block HIF-2α.

Derek DiRocco, head of RA Capital Management, stated, “Studies have shown that PT2977 may also be used to treat Von Hippel-Lindau (VHL) disease. This is a familial cancer syndrome for which there are currently no approved therapies.”

RA Capital Management, founded in 2001 and headquartered in Massachusetts, USA, is a capital management firm. The firm comprises professionals with expertise in biology, chemistry, medicine, and related fields, focusing on investing in startups within the life sciences and biopharmaceutical sectors.

Column Group, established in 2006, is a venture capital firm based in California dedicated to providing funding and technical support to biotechnology companies, helping them grow into industry-leading enterprises.

Nextech Invest, established in 1998, is a venture capital and private equity firm with a long investment history and extensive experience. Headquartered in Zurich, Switzerland, the firm is dedicated to investing in biotechnology and healthcare companies across Africa, the Middle East, Asia, North America, and Europe.

Topspin Fund, established in 2001, is a private equity investment firm focused on investing in promising companies within the low-to-mid-end market.

Tichenor Ventures is an angel investment firm headquartered in Texas, United States, focusing on investing in startups at early or late stages.

Foresite Capital, established in 2008 and headquartered in New York State, USA, is a private equity firm focused on investing in startups within the lower-middle market segment.

Eventide Asset Management, based in Nebraska, USA, is a venture capital firm managing $3.1 billion in assets. The firm focuses its investments on biotechnology, the Internet of Things (IoT), cybersecurity, renewable energy, and clean technology.

Biotechnology Value Fund, established in 1993, is a venture capital firm headquartered in California, USA, dedicated to providing long-term financial support to biotechnology companies.

OrbiMed, founded in 1989, is a private equity firm focused on investing in healthcare companies, with approximately $5 billion in assets under management.

EcoR1 Capital, founded in 2012, is an investment and consulting firm based in California, United States. The firm specializes in investing in biotechnology companies at early or late stages.

Vida Ventures, established in 2017 and headquartered in Massachusetts, USA, is a venture capital firm dedicated to investing in promising life sciences companies.

Curative Ventures, based in Texas, USA, is dedicated to investing in biotechnology companies and helping them develop new therapies through financial and technical support.

Driehaus Capital Management, established in 1982 and headquartered in Illinois, USA, is a privately owned investment management firm with $10.9 billion in assets under management.

(Compiled by Jiao Yanli)