Biopharmaceutical company Molecular Templates Inc. has completed a $2.5 million Series A round of financing.
Austin-based Molecular Templates, which develops a protein platform for new cancer therapeutics, plans to use the capital to continue its product development and conduct human clinical trials, company officials said.
Austin-based Santé Ventures was the sole investor.
Molecular Templates has a lead compound for melanoma that is expected to enter human clinical trials and is developing additional compounds against other cancers, company officials said.
Molecular Templates was founded in 2000 by researchers at the University of Toronto and the Ontario Cancer Institute, but the company recently relocated to Austin after it was financed from Santé Ventures.
The company, which employs four workers, is the first international tenant of the Texas Life-Sciences Collaboration Center in Georgetown. The TLCC is a nonprofit entity that provides office and lab space to fledgling companies operating in the life science sector.
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