Tavotek Biotherapeutics, which has operations in Lower Gwynedd and China, has raised $20 million from outside investors through a series of two private stock sales, writes John George for the Philadelphia Business Journal.
The biopharmaceutical company plans to use the proceeds from these stock sales to accelerate the development of its three antibody drug candidates. Part of the money will also be used to expand the company’s pipeline of new drug candidates.
Tavotek, which was established two years ago, was initially backed by Apricot Capital with an undisclosed amount.
The company’s A1 financing round was led by YuanBio Venture Capital and also includes investments by Oriza Holdings, Ming BioVentures, and New Alliance Capital. Meanwhile, series A2 investors include GF Xinde, CTS Capital, and Lanhu Capital.
Tavotek is led by Dr. Mann Fung, a former Johnson & Johnson and Eli Lilly executive. The company has research operations at Spring House Innovation Park.
It is currently working on therapeutic medicines for patients who are suffering from debilitating diseases and have significant unmet medical needs. Among the diseases it targets are cancers, autoimmune conditions, and infectious diseases.
Read more about Tavotek Biotherapeutics at the Philadelphia Business Journal.