Cambridge's Neon Therapeutics Completes $106M Crossover Series B Funding Round

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Neon Therapeutics, a clinical-stage immuno-oncology company developing neoantigen therapies, today announced the successful completion of an additional $36 million extension to its Series B financing which, combined with $70 million announced in January 2017, brings the total raised during this Series B crossover round to $106 million.

Proceeds from the financing will support ongoing clinical development of Neon Therapeutics’ lead product candidate, NEO-PV-01, a personal neoantigen vaccine, currently in Phase 1b development. Additionally, the funding will support the ongoing preclinical development of NEO-PTC-01, a personal neoantigen T cell program; and the company’s NEON / SELECT approach focusing on shared neoantigen targets.

The Series B extension included participation from existing investors, as well as new investors. Participants included Fidelity Management & Research Company, Partner Fund Management, Access Industries, Wellington Management, Pharmstandard International, Arrowmark Partners, Nextech Invest, Hillhouse Capital Group and Casdin Capital.

"Our team has made strong progress across the full breadth of our neoantigen portfolio," said Hugh O’Dowd, chief executive officer of Neon Therapeutics. "We remain focused on leading this neoantigen field in the development of new therapeutic options for patients."

About Neon Therapeutics

Neon Therapeutics is a clinical-stage immuno-oncology company and a leader in the field of neoantigen-targeted therapies, dedicated to transforming the treatment of cancer by directing the immune system towards neoantigens. We have pioneered a proprietary neoantigen platform to develop neoantigen-targeted therapies using two distinct approaches. In NEON / ONE, these neoantigens are specific to each individual. In NEON / SELECT, these neoantigens are shared across subsets of patients and tumor types. Our most advanced product candidate is NEO-PV-01, a personal neoantigen vaccine, that is currently being evaluated in a Phase 1b open-label clinical trial for patients with metastatic melanoma, non-small cell lung cancer or bladder cancer.