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Tokai Pharmaceuticals Inc. of Cambridge has landed $23 million in new funding and a new CEO in local biotech veteran Martin Williams.
According to a release from Tokai, the new funding is a Series D3 round and includes investment from previous investors Novartis Venture Fund and Apple Tree Partners. The new financing will be used to move development forward on galeterone (TOK-001), Tokai’s lead drug candidate.
Galeterone has completed a Phase 1 trial in patients with castration resistant prostate cancer, and the company says it is planning on moving the drug into Phase 2 trials.
New CEO Williams replaces acting CEO Seth Harrison, who will remain chairman of Tokai and is also managing general partner of Apple Tree Partners. Williams was previously chief business officer at Dicerna Pharmaceuticals Inc. and held the same role at Synta Pharmaceuticals Inc. Prior to joining Synta, he held leadership positions at various biopharmaceutical companies.
In May of 2009, Tokai raised $12 million in an equity finance round.
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