12 Oct Peloton Raises $52.4 million for cancer therapy
Peloton, a Dallas-based biotechnology company in its clinical stage that focuses on small molecule cancer therapies, completed a $52.4 million series D round of financing in September of this year. Previous investors include Remeditex LLC, The Column Group, Tichenor Ventures LLC, Topspin Fund LP and Nextech Invest Ltd., and now Foresite Capital Management has become a new investor this round.
“Foresite Capital is well respected for their contributions to the success of their portfolio companies,”said John A. Josey, Ph.D., Peloton’s Chief Executive Officer, in a prepared statement. “We are very pleased to benefit from the enthusiastic support of our entire investor base,”
Josey went on to say that with this financing, Peloton is in a good position to further develop all of their research programs. The company’s lead program is a first-in-class small molecule that targets a transcription factor linked to the development and progression of kidney cancer. This drug therapy is currently in clinical trials at UT Southwestern. They were one of two schools in August to receive an $11 million in Specialized Program of Research Excellence (SPORE) grant from the National Cancer Institute to further this research.
Peloton is expanding into other research and development areas that include application in von Hippel-Lindau disease, several forms of cancer, lung diseases, cardiovascular diseases, and inflammatory diseases.
The company’s name comes from the term for the main group of cyclists in a race. Peloton explains that these bicyclists use cooperative action to achieve great efficiency of motion. In the same way, they collaborate with scientific visionaries to create the innovative medicines needed by patients with life-threatening diseases.