Molecular Templates has added $3.5 million to its Series C round, garnering a valuation of $34 million. The company initially raised $8.5 million in the round in 2013; that investment was led by Excel Ventures and included participation from Sante Ventures. The extension financing came from AJU IB Investment. Molecular Templates has developed a technology platform known as Engineered Toxin Bodies, which can be used to develop different therapeutics against a variety of diseases. Its lead compound has been developed to destroy malignant B-cell lymphomas. As part of the financing, Timothy Sullivan of AJU will join the company's Board of Directors.