Molecular Templates Raises $2.5M, Moves To Austin

Austin-based Molecular Templates, a biopharmaceuticals firm developing cancer therapeutics, announced this morning that the company has raised $2.5M in a Series A funding. The firm said the financing round came from Sante Ventures, and will be used for product development and for human clinical trials. Molecular Templates is developing protein-based treatments for cancer, and was originally founded at the University of Toronto and the Ontario Cancer Institute. The firm said it moved to Austin in conjunction with receiving funding from Sante. The firm is headed by Eric Poma, former Vice President of Business Development at ImClone Systems. More information »