UPMC Enterprise has returned for a $72m series B round raised by Werewolf Therapeutics, which is now set to advance two lead assets through phase 1 trials.

Werewolf Therapeutics, a US-based cancer biotherapeutics developer, completed a $72m series B round on Thursday backed by UPMC Enterprises, the investment arm of healthcare provider University of Pittsburgh Medical Center (UPMC). RA Capital Management led the round, while healthcare investment firm Deerfield Management and Taiho Ventures, the corporate venturing division of pharmaceutical firm Taiho Pharmaceutical, also took part. HBM Healthcare Investments, Soleus Capital, Adage Capital, Sphera Healthcare, CaaS Capital, MPM Capital, Longwood Fund, Arkin Bio Ventures and DC Investment Partners also contributed to the round. Werewolf is working on treatments to bolster the body’s immune response to cancer. The treatments would be administered in an inactive form – either as a monotherapy or combination therapy – and only activate once the molecules enter the tumour microenvironment. The series B capital has been allocated to moving two candidates through phase 1 studies and readying several additional programmes for Investigational New Drug applications. Elise Wang, a principal at Deerfield, and Derek DiRocco, a partner at RA Capital, have joined Werewolf’s board of directors in conjunction with the round. Werewolf was launched with a seed investment of undisclosed size from MPM Capital before it raised $56m in series A financing in late 2019. The series A round was co-led by MPM Capital and Longwood, and also included UPMC Enterprises, Taiho Ventures, Arkin Bio Ventures and DC Investment Partners. UPMC is closely affiliated with University of Pittsburgh’s Schools of the Health Sciences but has grown into a large non-profit healthcare and insurance provider that operates 40 hospitals employing 4,900 doctors and 89,000 staff.

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).