Georgetown-based biotech company Molecular Templates, Inc., announced that it has raised $7 million of a new $8.5 million funding round. This third and latest round of funding will be used for covering the cost of the first phase of clinical trials for the company’s lead compound designed to kill non-Hodgkin’s lymphoma cells.
Eric Poma, founder and CEO of Molecular Templates, told the press that the latest round of funding from Excel Venture Management and Sante Ventures constitutes its largest venture capital raise since the company’s foundation in 2009, with $2.5 million.
The second round raised $3.5 million, and the company has also been granted $10.6 million from the Cancer Prevention Research Institute of Texas (CPRIT), the $3 billion dollar state agency for funding research, prevention and commercial therapies to fight cancer.
Molecular Templates Inc. has 20 employees primarily working in research and development roles, and has secured two patents for its technology, with another six awaiting approval.
Poma predicts that the drug should be ready for commercial use in five or six years, and added that the company’s current plan, thanks to the CPRIT funding, is for Molecular Templates to handle the commercialization of its own drug, rather than licensing or selling it to a large pharmaceutical company.