TORL BioTherapeutics closes $96 million financing
US biotech TORL BioTherapeutics has raised $96 million in a series C round to push its lead antibody-drug conjugate, TORL-1-23, through registrational studies in platinum-resistant ovarian cancer. The financing will also support broader development of the candidate across advanced cancers.
Chief executive Mark Alles said the funding will secure progress for the company’s first Claudin 6-targeting ADC, noting the backing of new and existing investors. TORL plans to use the proceeds for its pivotal Phase II CATALINA-2 study, a confirmatory Phase III trial starting in 2026, and other registration-enabling work.
The company will present updated Phase I results at this year’s European Society of Medical Oncology meeting in Berlin. TORL reported that preliminary data supported advancing TORL-1-23 into larger, potentially registrational trials in platinum-resistant ovarian cancer and additional tumor types.
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