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Investing.com -- German biotech firm Tubulis has secured €308 million ($358 million) in its largest financing round to date, the company announced Wednesday.
The funding contributes to a total of €495 million dedicated to advancing the company’s research into targeted cancer therapies, specifically antibody-drug conjugates (ADCs) that function like "guided missiles" by delivering chemotherapy directly to cancer cells while minimizing damage to healthy tissue.
"It’s a very competitive space, and the reason why it’s competitive is because this format is really providing benefit for patients," said Tubulis CEO Dominik Schumacher.
The Munich-based company plans to use the funds to expand testing of its lead product, TUB-040, in earlier stages of treatment and additional cancer types. TUB-040 targets NaPi2b, a protein found in certain cancer cells, and is currently being evaluated for platinum-resistant ovarian cancer and a common form of lung cancer.
Results from the ovarian cancer trial will be presented at a medical meeting in Berlin on October 19.
U.S.-based Venrock Healthcare Capital Partners led the funding round, signaling continued investor confidence in targeted cancer therapies despite prolonged tight financing conditions in the biotech sector.
Tubulis has established partnerships with American pharmaceutical companies Bristol Myers (NYSE:BMY) and Gilead (NASDAQ:GILD) to develop next-generation antibody-drug conjugate treatments.
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