Crossbow Therapeutics Debuts with $80 Million in Series A Financing to Advance Antibody Therapeutics
Newly launched Crossbow Therapeutics will work to advance a novel class of antibody therapies for treating cancers.
US-based biotechnology company Crossbow Therapeutics announced an $80 million Series A funding round that was led by investment company MPM BioImpact and Pfizer Ventures. The funding will allow Crossbow to advance the development of novel antibody therapies that target peptide-loaded major histocompatibility complexes on cancer cells. The antibodies are T-cell receptor (TCR)-mimetics, according to a July 11, 2023 company press release.
The company uses its proprietary technology to develop TCR-mimetic antibodies with both high affinity and specificity for cancer cells. These TCR-mimetics are incorporated into off-the-shelf, easy-to-assemble T-cell engagers and other immunotherapies. The resulting products are known as tumor-bolts (T-Bolt) molecules, which can be adapted to address a broad range of cancers. The company can thus leverage these molecules to target the vast landscape of cancer proteins, according to the press release.
“We aim to cure cancer,” said Briggs Morrison, CEO, Crossbow Therapeutics, in the release. “ … [O]ur revolutionary T-Bolt products strike cancer cells like a crossbow shoots bolts at its target. The influx of additional capital enables us to scale our efforts to build an arsenal of TCR-mimetic-based immunotherapies designed to overcome the limitations of current treatments.”
“Our continued investment in Crossbow Therapeutics reflects our confidence in the team’s differentiated approach to vastly expand the range of targets for immunotherapies,” said Todd Foley, managing director of MPM BioImpact and co-founder and chair of the Crossbow board of directors, in the release.
The Series A funding was also supported by Polaris Partners, BVF Partners, Eli Lilly and Company, Mirae Asset Venture Investment, and Mirae Asset Capital.
Source: Crossbow Therapeutics
