BRIEF—Step Pharma raises 35 million euros in Series B

French biotech Step Pharma, which is developing new drugs for oncology and autoimmune diseases, has announced the successful closing of a 35 million euros ($41.5 million) Series B financing.

New investors Hadean Ventures and Sunstone Life Science Ventures co-led the round, joining existing investors Kurma Partners, Pontifax and Bpifrance.

The proceeds will be used to advance Step Pharma’s lead proprietary cytidine triphosphate synthase 1 (CTPS1) inhibitor, STP938, into clinical development for the treatment of T-cell malignancies. The company will also use the funding to advance development of CTPS1 inhibitors in other hematological malignancies and solid tumors.