One of Ottawa’s most highly-touted biotech startups has secured the city’s largest venture capital deal in nearly three years.
Turnstone Biologics was cofounded by three Ontario physicians including Dr. John Bell of the Ottawa Hospital and is developing cancer-fighting viruses. On Wednesday, the firm said it had completed a US$80-million series-D funding round led by PFM Health Sciences and Point72.
“This oversubscribed financing will allow us to advance our vision to benefit millions of cancer patients underserved by current treatment options,” said Turnstone president and CEO Sammy Farah in a statement.
Turnstone, which also maintains offices in New York, where Farah is based, and San Diego, has already raised more than $50 million as it develops groundbreaking treatments that use the body’s own immune system to battle cancer. The firm is widely regarded as a leader in the emerging field of immunotherapy, in which viruses that attack malignant tumours are administered to patients, and has made multiple appearances on lists ranking Canada’s highest-potential private firms.
Turnstone says it will use the proceeds from the financing to advance its pipeline of therapeutic programs. Its lead oncolytic virus candidate is currently in clinical trials while a second therapy candidate is expected to enter clinical development in early 2022.
Venture capital is an important source of capital for biotech firms, which generally must put products through years of rigorous testing before they are approved for sale to the public.
“Developing new therapies is extremely costly, so we also need to engage the private sector to take our research to the next level,” Dr. Bell explained in an earlier statement.
In addition to PFM Health Sciences and Point72, disclosed investors in Turnstone Biologics’ latest funding round included Eventide Asset Management, Surveyor Capital, Ridgeback Capital Investments, Takeda Ventures, CaaS Capital, JM Family Enterprises, Northleaf Capital Partners, 404 Bio, Versant Ventures, OrbiMed, F-Prime Capital, Sectoral Asset Management, Sixty Degree Capital, Brace Pharma Capital and Teralys Capital.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
