CrossBridge Bio Advances Cancer Therapies with CE-Ventures Backing
Deal News | Nov 06, 2024 | Crescent Enterprises Ventures
Crescent Enterprises Ventures has announced its co-lead role in a $10 million financing round for CrossBridge Bio, a Houston-based biotech firm focusing on dual-payload antibody-drug conjugates (ADCs) for targeted cancer therapies. The funding, co-led with TMC Venture Fund, aims to support the advancement of CrossBridge Bio’s lead candidate, CBB-120, for solid tumors and expand its ADC pipeline. Additionally, the capital infusion will support the development of proprietary linker technology critical for enhancing the safety and effectiveness of their therapeutic platform. CE-Ventures, Crescent Enterprises' investment arm, is committed to expanding its life sciences portfolio with biotech companies like CrossBridge Bio, citing a focus on cutting-edge drug development. Damir Illich, an executive at CE-Ventures, highlights CrossBridge Bio’s leadership in the dual-payload ADC field, while CEO Michael Torres from CrossBridge Bio emphasizes the transformative potential of their therapies in cancer treatment. CE-Ventures, with a substantial global investment footprint, includes other participants in this financing round such as Portal Innovations and Alexandria Ventures.
Sectors
- Biotechnology
- Venture Capital
Geography
- United Arab Emirates – Crescent Enterprises, the parent company of CE-Ventures, is based in the UAE and is a key participant in the investment.
- United States – CrossBridge Bio, the biotech firm receiving the investment, is based in Houston, reflecting significant activity in the United States.
Industry
- Biotechnology – CrossBridge Bio is operating in the biotechnology industry, focusing on therapeutic drug development, specifically antibody-drug conjugates for cancer treatment.
- Venture Capital – CE-Ventures and TMC Venture Fund's participation in the financing round denotes involvement in venture capital, focusing on investing in high-growth biotech companies.
Financials
- $10 million – Total financing round amount co-led by CE-Ventures and TMC Venture Fund for CrossBridge Bio.
- $500 million – Total global investments deployed by CE-Ventures across more than 50 investments.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| CrossBridge Bio | Target Company | Company | A biotechnology company specializing in dual-payload antibody-drug conjugates for cancer treatment. |
| Crescent Enterprises Ventures (CE-Ventures) | Investor/Co-Leader | Company | The corporate venture capital arm of Crescent Enterprises, focusing on investments in life sciences and technology sectors. |
| TMC Venture Fund | Co-Leader | Company | A venture capital fund participating in the co-lead of the financing round for CrossBridge Bio. |
| Portal Innovations | Investor | Company | Participant in the financing round for CrossBridge Bio. |
| Alexandria Ventures | Investor | Company | Participant in the financing round for CrossBridge Bio. |
| Michael Torres, PhD | CEO | Person | CEO of CrossBridge Bio, overseeing the company's development of dual-payload ADCs. |
| Tushar Singhvi | Deputy CEO and Head of Investments | Person | A senior executive at Crescent Enterprises, responsible for directing investments. |
| Damir Illich, PhD | Manager Life Sciences | Person | Manager at CE-Ventures and newly appointed board director of CrossBridge Bio. |