Tokai Pharma closes $22M funding

11 May 2009

Tokai Pharmaceuticals, a biotechnology company that is developing a novel therapy for the treatment of advanced prostate cancer, says it has closed a $22.0-million private placement of preferred stock in a round led by the Novartis Venture Fund. Apple Tree Partners, which founded the company, invested alongside NVF. Proceeds from the financing will be used to advance Tokai's lead development candidate, TOK-001, into the clinic for the treatment of advanced prostate cancer.

Tokai Pharmaceuticals was founded in 2004 by Apple Tree Partners. The mission of the company is to in-license promising preclinical and clinical compounds in the area of endocrinology, metabolic disease and hormone dependent tumors and growths. The lead therapeutic program is a therapy designed for the treatment of advanced (castration-resistant) prostate cancer.

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