PMV Pharmaceuticals Inc., a Cranbury-based oncology company, announced on Monday it has closed a $70 million Series D financing round.
Proceeds from the round will be used to advance PVM’s p53 (a tumor suppressor protein) product candidates.
The round’s existing investors included OrbiMed Advisors, Nextech Invest, Viking Global Investors and Boxer Capital. New to it are Avoro Capital, RA Capital Management and Wellington Management Co.
“This financing provides PMV Pharma with the resources to expand our pipeline and to potentially advance multiple p53 therapies into the clinic,” David Mack, CEO and president of PMV Pharma, said. “We are excited to have new and strong life science investors that include Avoro, RA Capital and Wellington join us in our pursuit of developing meaningful new medicines for cancer patients. The enthusiasm and confidence from our new and existing investors underscore the important advances we have made.”
PMV Pharma also appointed Rich Heyman to chair of its board of directors. Heyman has more than 25 years of experience in biopharmaceuticals, currently serves as the board chair at ORIC Pharmaceuticals and is on the board of directors at Gritstone Oncology, Yumanity Therapeutics, Amunix Pharmaceuticals, Metacrine Inc., and Vividion Therapeutics. Previously, he was the co-founder and CEO of Aragon Pharmaceuticals (now owned by Johnson & Johnson) and Seragon Pharmaceuticals (now owned by Genetech/Roche).
“PMV has made significant progress in designing small molecules that modulate p53 function, a well-known but previously inaccessible target in oncology,” Heyman said. “The PMV team, its scientific founders and advisors have created potential therapies that could be first-in-class. I am excited to join as chair of the board and look forward to continuing to work with this talented team to help advance PMV’s p53 therapies.”