Crossbow Therapeutics launches with $80M to target cancer

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financing

Crossbow Therapeutics, Inc., a biotechnology company developing a novel class of potent and precise antibody therapies to treat a broad range of cancers, has announced an $80 million Series A funding.

The round was led by MPM BioImpact and Pfizer Ventures, with participation from Polaris Partners, BVF Partners, Eli Lilly and Company, Mirae Asset Venture Investment, and Mirae Asset Capital.

The Series A financing will allow Crossbow to advance the development of novel therapies that potently target peptide-loaded major histocompatibility complexes (pMHCs) on cancer cells, using antibodies that mimic T-cell receptors (TCR-mimetics). 

Crossbow’s development process starts with the identification, validation, and prioritization of the most promising cancer-specific targets. Using proprietary technology, the company then develops TCR-mimetic antibodies with both high affinity and specificity for cancer cells. Crossbow incorporates these TCR-mimetics into off-the-shelf, easy-to-assemble T-cell engagers and other immunotherapies. 

The resulting products, known as T-Bolt molecules (short for “tumor-bolts”), can be adapted to address a broad range of cancers. Crossbow can leverage this innovative approach to potently target the entire universe of cancer proteins.

Crossbow Therapeutics aiming to cure cancer

“We aim to cure cancer,” said Briggs Morrison, chief executive officer of Crossbow Therapeutics. 

“With unparalleled accuracy and potency, our revolutionary T-Bolt products strike cancer cells like a crossbow shoots bolts at its target. The influx of additional capital enables us to scale our efforts to build an arsenal of TCR-mimetic-based immunotherapies designed to overcome the limitations of current treatments.”

“Our continued investment in Crossbow Therapeutics reflects our confidence in the team’s differentiated approach to vastly expand the range of targets for immunotherapies,” added Todd Foley, managing director of MPM BioImpact and co-founder and chair of the Crossbow board of directors.

Crossbow was founded, seeded, and incubated at MPM BioImpact by Patrick Baeuerle, Foley, and Geraldine Paulus, who has joined the company as its vice president of corporate development and operations. 

Explore other topics: CancerFundingUSA

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