Anchor Therapeutics announces initial closing of $10 million Series B financing

Anchor Therapeutics today announced an initial closing of $10 million in a Series B financing. The investment is being led by current investors TVM Capital, HealthCare Ventures and the Novartis Option Fund. The company is in continuing discussions with additional investors interested in joining the Series B. Anchor Therapeutics is focused on developing peptide drug candidates, called pepducins, that modulate G protein coupled receptors (GPCRs), particularly those historically difficult to target using standard pharmaceutical approaches.

“We continue to be excited about the prospects for this technology to lead to a new class of drugs that target GPCRs. Our investors' renewed financial commitment is a strong statement of support for this groundbreaking opportunity.”

"Our team at Anchor has made tremendous progress advancing pepducin technology and establishing preclinical proof-of-concept in multiple targets and disease areas," commented Frederick Jones, M.D., President and CEO of Anchor. "We continue to be excited about the prospects for this technology to lead to a new class of drugs that target GPCRs. Our investors' renewed financial commitment is a strong statement of support for this groundbreaking opportunity."