Tango Therapeutics announced the closing of an oversubscribed Series B financing of $60 million led by Boxer Capital of the Tavistock Group. Cormorant Asset Management and Casdin Capital are additional new investors in the round. The company intends to use the financing to support IND-enabling studies with the lead program early next year, in addition to ongoing target and drug discovery efforts.
Tango launched in 2017 with a $55 million Series A investment from Third Rock Ventures and announced a strategic collaboration with Gilead Sciences in November 2018 with a $50 million upfront payment. The company aims to deliver the next generation of targeted cancer therapies by utilizing functional genomic screening to identify synthetic lethal targets for a wide array of mutations. The company is focused on three core areas: counteracting tumor suppressor gene loss, reversing the ability of cancer cells to evade the immune system and identifying novel combinations that will be more effective than single agent therapy.
Tango also announced appointments to the executive team of Daniella Beckman, Chief Financial Officer, John C. Ross, Vice President of Human Resources and Samy Tadros, Vice President of Business Development.