Tokai Pharmaceuticals, Inc announced today that it was able to secure US$35.5 million in a round of Series E growth financing in order to persuade investors to support Tokai's lead prostate cancer pharmaceutical product currently in medical development. The infused finances will also be allotted for the expansion of the ongoing clinical studies and preparation for registration studies. The growth finances round were participated by current investors, Novartis Venture Funds and Apple Tree Partners, as well as anonymous angel investors.
Chairman of the Tokai Board of Directors and Apple Tree Partners Managing General Partner, Dr. Seth Harrison, MD said, "We are extremely encouraged by the maturing data we are seeing from the ARMOR2 clinical trial. This additional funding will allow Tokai to complete the ARMOR2 study in broad CRPC patient populations to streamline Phase 3 clinical development path for galeterone."
Dr. Reinhard J. Ambros, Ph.D, Novartis Venture Funds Global Head commented, "Based on its highly differentiated clinical profile, unique triple mechanism of action and the ARMOR2 clinical results to date, we believe that galeterone may be a promising new treatment option for all stages of CRPC,"
Dr. Ambros further added, "We are pleased to continue to support Tokai in the development of this important new prostate cancer therapy."
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