iTeos Says Adios To IDO And Eyes US IPO
An oversubscribed financing round led by new US investor MPM Capital has brought in $75m for the Belgian company. Much of it will be used to advance its potential best-in-class adenosine A2A receptor now that its IDO1 drug has been shelved.
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Freeline Therapeutics, I-Mab Biopharma, Kaleido Biosciences and Precision BioSciences raised more than $100m each, but Chinese start-ups continue to bring in some of this year's largest venture capital mega rounds, with $220m in Series C cash to fund development of immuno-oncology and inflammatory disease drug candidates.
There is now a move back to the principle of doing randomized Phase II studies before jumping into Phase III, says CEO Chuck Link, as Roche's Genentech exits broad IDO/TDO deal.
NewLink has scrapped plans to explore its IDO inhibitor in pancreatic cancer – more bad news for a drug class that has suffered several setbacks recently.