PMV Pharmaceuticals bags $74M in series B financing round, and adds a new board member
February 22, 2017PMV Pharmaceuticals, Inc., a cancer focused developer of p53-targeted small molecule drugs, has completed a Series B financing round bagging $74 million.
The money gotten with financing that was led by Topspin Biotech Fund and a group of investors with Euclidean Capital, will be used to develop and advance into the clinic the PMV’s pipeline of mutant p53 restoration drug candidates.
Steve Winick of Topspin will be joining PMV’s Board of Directors, in conjunction with the Series B financing.
“PMV Pharmaceutical’s world-class founders, scientific advisors, and leadership team, together with its transformative chemistry and biology platform position PMV Pharma to be a leader in next-generation cancer therapies to improve patients’ lives,” Winick said.
David Mack, Ph.D., President and CEO of PMV Pharmaceuticals, said: “We are excited to have Topspin join us in our pursuit of developing meaningful new medicines for large segments of the cancer population. The enthusiasm and confidence from our new and existing investors underscore the important advances we have made.”
As PMV noted, p53 is the most commonly mutated protein in human cancers, with more than half of all tumors containing mutant p53. Cancer cells often have mutations in p53 that enable them to escape death. The importance of financing its mechanism is to restore p53 to its normal function, eliminating this escape route and selectively killing the mutant cancer cells without affecting normal tissues, the company said.
