Foley & Lardner represented TCG Crossover as the lead investor in a $115 million Series B funding round for Obsidian Therapeutics, Inc., a biotechnology company pioneering engineered cell and gene therapies.
Other new investors in this funding round included RA Capital Management, Surveyor Capital (a Citadel company), Cowen Healthcare Investments, Deep Track Capital, Logos Capital, Pivotal BioVenture Partners, Samsara BioCapital and Soleus Capital. Existing investors Atlas Venture, Vertex Ventures HC, Amgen Ventures and Bristol Myers Squibb also participated in the financing, as well as Vertex Pharmaceuticals, with whom Obsidian recently executed a collaboration to discover novel therapies that regulate gene editing.
Funds from this round will be used to drive Obsidian’s lead tumor-infiltrating lymphocyte (TIL) program, cytoTIL15, into the clinic and to first clinical data for the treatment of metastatic melanoma. In addition, the Company plans to rapidly expand cytoTIL15 into multiple other solid tumor types and advance its commercial manufacturing build.
Foley attorneys from across the firm’s Northern California offices represented TCG Crossover in the transaction. The deal team was led by Partners Louis Lehot, Brandee Diamond, Casey Knapp, Kamran Mirrafati, Beni Surpin and Raj Tanden, and Associates Ethan Floyd and Saige Gallop, and also included Special Counsel Catherine Zhu and Associate Tiffany Young.
About Foley’s Life Sciences Team
Foley’s Life Sciences Team is composed of corporate, health care, regulatory and IP attorneys. From fluctuating global financial markets and a rapidly changing IP environment to regulatory hurdles that can affect the products you bring to market, the life sciences industry poses challenges to start-ups and established enterprises alike. For more than 25 years, our attorneys have been partnering with life sciences companies at all stages of development to help them make their mark on the industry.