Turnstone Biologics closes US$41.4 million Series B financing

November 02, 2016

Torys represented OrbiMed as the lead investor with a team that included Cheryl Reicin, Matthew Atkey and Jordan Denton.

On November 2, 2016, Turnstone Biologics Inc. (“Turnstone”) announced the completion of a US$41.4 million series B financing led by new investor OrbiMed with participation from new investor F-Prime Capital Partners and existing investors FACIT and Versant Ventures, which led Turnstone's series A financing.

The financing will support completion of Turnstone’s ongoing Phase I/II monotherapy trial, to establish safety, maximum tolerated dose and initial evidence of immunological activity in patients with advanced solid and metastatic tumors, for its most advanced product—an oncolytic Maraba virus engineered to express melanoma-associated antigen A3 (MAGEA3). The financing will also fund three additional clinical programs that will start this year and next.

Turnstone is a biotechnology company focused on developing novel oncolytic viral immunotherapies for cancer.

OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with US$14 billion in assets under management.

Further information can be found on Canada Newswire’s website.