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The crew at Turning Point Therapeutics is back together to found a new biotech that can partner with drug developers in early-stage oncology, including small molecules, antibody drug conjugates, and China-based drug developers as it sees a rapid jump. Moving to the Nasdaq around this time next year, CEO Athena Countius said. Last points news.
After selling Pivot Point to Bristol Myers Squibb, which was announced at last year’s ASCO confab, she and her colleague Mohamed Hirmand founded Avenzo Therapeutics. The CEO and CMO, who has already raised nearly $200 million in seed and Series A funding from five large investors, will evaluate which drug to bring into the pipeline. This includes SR One, OrbiMed, Foresite Capital, Citadel’s Surveyor Capital and Lilly Asia Ventures. Bidding wars for assets have caused Avenzo to miss out on some deals in recent months, but the biotech has three active term papers and hopes to land its first asset in the third quarter, Countourotiis said in an interview Friday morning.
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