TRACON Pharmaceuticals, a biopharmaceutical company developing targeted therapeutics for cancer and age-related macular degeneration, has completed a $27 million Series B financing. The round included participation from new investors New Enterprise Associates and BioMed Ventures, as well as existing backers JAFCO, Nextech Invest, Brookline Investments, Arcus Ventures and BHP. As part of the Series B financing, Paul Walker of NEA will join the TRACON Board of Directors and Bruce Steel of BioMed Ventures will join as a Board observer. TRACON's current pipeline includes two clinical stage product candidates: TRC105, an anti-endoglin antibody that is being developed for the treatment of multiple solid tumor types, and TRC102, a small molecule that is being developed for the treatment of lung cancer and glioblastoma.
Though biotech IPOs have received a lot of attention lately, it's worth noting that there's also a horde of such companies that continue to gain VC funding. So far this quarter, VC investors have completed 90 deals involving biotech companies globally, according to the PitchBook Platform, investing about $2 billion in that time. Notably, several companies have secured massive rounds in 3Q, including Juno Therapeutics ($134 million), Adaptive Biotechnologies ($107 million) and Paratek Pharmaceuticals ($93 million). The most active VC investors in the biotech space so far in 2014 have been OrbiMed Advisors (15 investments), Novo (11) and Sofinnova Ventures (9). To see other active investors in the space, as well as the companies they are investing in, click here.