Turning Point Therapeutics Plans IPO to Advance Targeted Cancer Drugs
Summary
Turning Point Therapeutics, which is developing targeted cancer drugs for patients whose tumors resist other precision therapies, has outlined plans for an IPO. The San Diego biotech is developing what it describes as a “next-generation” drug as a treatment for cancers associated with genetic variations that alter the enzymes ALK, ROS1, and TRK. Turning Point’s lead drug candidate, repotrectinib, is in a Phase 1/2 trial with patients with solid tumors associated with genetic variations that alter those enzymes, including advanced non-small cell lung cancer with a genetic mutation associated with ROS1, and either haven’t been treated with or haven’t responded to one of those existing treatments, such as the Pfizer (NYSE: PFE ) drug crizotinib (Xalkori). With the IPO funds, the San Diego biotech said, it plans to move repotrectinib into Phase 2 testing in the second half of this year. Existing investors Cormorant Asset Management, Lilly Asia Ventures (LAV), OrbiMed Advisors, and SR One are also invested.
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