On June 27, 2021 Tvardi Therapeutics, a Houston biopharmaceutical company, reported that it had raised $74 million in a new round of financing that will send its drug candidates through mid-stage clinical trials for treatment of cancer and fibrosis (Press release, Tvardi Therapeutics, JUN 27, 2021, View Source [SID1234584511]). The company, founded in 2017, specializes in the development of STAT3 inhibitors, which induce death in cancer cells. Tvardi CEO Imran Alibhai said the latest round of funding will help the company move out of "stealth mode" and raise its public profile.

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"With this financing we are positioned to advance the clinical development" of the company’s drug candidates, Alibhai said. The money will also help the company to expand its workforce, he added. The company’s latest round of financing is known as Series B. Series B is the third round of fundraising for new companies that typically comes after the startups have met certain milestones in their growth.

Officials with the company say the key molecule used in its drugs, TTI-101, has been shown in early clinical studies to be well tolerated among patients and can shrink a broad range of tumors.