Tango intends to use the proceeds of the round to support the development of its lead program and take it further into IND-enabling studies, as well as other drug discovery efforts
Fremont, CA: Tango Therapeutics, a biotechnology startup focused on discovering and delivering the next-gen of targeted cancer therapies, has closed an oversubscribed Series B round of financing of $60 million. Windermere-based biotechnology focused investment arm of Tavistock Group, Boxer Capital led the funding round. Boston-based investment firm Cormorant Asset Management and NYC-based investment firm Casdin Capital were additional new investors in the round. Tango intends to use the proceeds of the round to support the development of its lead program and take it further into IND-enabling studies, as well as other drug discovery efforts. In conjunction with the funding event, Tango announced leadership appointments of John C. Ross, Vice President of Human Resources, Samy Tadros, Vice President of Business Development, and Daniella Beckman, Chief Financial Officer.
"We are very fortunate to have the support of this strong syndicate of cross-over investors as we bring our first targeted therapies based on the genetic concept of synthetic lethality to well-defined patient populations," said Barbara Weber, MD, President and Chief Executive Officer of Tango. "This financing will support our lead program into IND-enabling studies early next year as well as multiple other ongoing targets and drug discovery efforts."
Daniella Beckman, CPA, brings more than 20 years of financial, strategic, and operational experience to her role at Tango overseeing finance, investor relations, and business development. She served as interim Chief Financial Officer for Tango since its inception.
John C. Ross, MS, MHRIR, joins Tango after serving as senior director of human resources for the surgical medical device business at Alcon, formerly a division of Novartis. Mr. Ross helped to facilitate the company's spinoff from Novartis in 2019.
Samy Tadros, MS, MBA, joins Tango from Celgene, recently acquired by Bristol Myers Squibb, where he served as Executive Director, Business Development and Global Alliances. Mr. Tadros spent more than ten years at Celgene, leading multiple cross-functional teams and closing many important transactions for Celgene.
"We're thrilled Daniella has agreed to join our team as CFO and to welcome John and Samy into these key leadership roles," added Dr. Weber. "Insights from all three industry leaders will be invaluable as we advance our pipeline of next-generation targeted cancer therapies and bring novel therapies to patients."