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Pfizer add $5m to TetraLogic’s cancer treating drug fund

28-Sep-2010

TetraLogic Pharmaceuticals receives $5m (€3.7m) investment from Pfizer Ventures, helping fund clinical development of a drug that mimics naturally forming proteins, promoting cell death.

The biopharmaceutical company which specialises in developing small molecule cancer treating drugs, say Pfizer Ventures has joined a syndicate of Series C investors, and their $5m investment has topped up financing of Series 3 to $37m.

The cash will be put towards clinical development of TetraLogic’s lead drug candidate for cancer, the SMAC mimetic, TL32711, which is currently being tested in a Phase I study.

“This investment is part of Pfizer Ventures’ overall strategy to finance emerging companies discovering and developing promising treatments for unmet medical needs,” said Elaine Jones, executive director of Pfizer Ventures. “We’re pleased to support [TetraLogic’s] efforts to advance SMAC mimetics as potential new treatments for cancer,” she added.

John Gill, TetraLogic's President and CEO, commented, "The addition of Pfizer Ventures as a new investor further complements our financing syndicate, and we now have the ideal combination of institutional and corporate investors to support and advance our SMAC mimetics development program."

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