Turnstone Biologics Raises $80 Million Series D Financing

July 21, 2021

JM Family invested in Turnstone Biologics
JM Family invested in Turnstone Biologics

Proceeds to support continued development of Turnstone’s pipeline of oncolytic virus and TIL therapy candidates

Turnstone Biologics Corp., a clinical-stage biotechnology company pioneering the development of cancer immunotherapies, today announced the successful completion of an $80 million Series D financing co-led by PFM Health Sciences and Point72. Additional new investors Eventide Asset Management, Surveyor Capital (a Citadel company), Ridgeback Capital Investments, Takeda Ventures Inc., CaaS Capital, JM Family Enterprises, Inc., Northleaf Capital Partners, 404 Bio and an undisclosed investor were joined by existing investors Versant Ventures, OrbiMed, F-Prime Capital, Sectoral Asset Management, Sixty Degree Capital, Brace Pharma Capital and Teralys Capital.

“Turnstone is developing next-generation medicines in two of the most clinically validated fields of immunotherapy for solid tumors,” said Sammy Farah, Ph.D., MBA, President and CEO at Turnstone. “This oversubscribed financing will allow us to advance our vision to benefit millions of cancer patients underserved by current treatment options. We are delighted to welcome PFM Health Sciences, Point72 and additional new investors to Turnstone, and we are grateful for the steadfast support of our existing syndicate.”

Proceeds from the financing will be used to advance Turnstone’s pipeline of programs from its oncolytic virus and TIL therapy platforms. Turnstone’s lead oncolytic virus candidate, RIVAL-01/TAK-605, is currently in the dose escalation stage of a Phase 1/2a clinical study in solid tumors conducted in collaboration with Takeda Pharmaceutical Company Limited (“Takeda”). The product is derived from the Company’s proprietary vaccinia virus platform that has been engineered for enhanced immune-stimulation and tumor cell selectivity, large transgene carrying capacity for local expression of encoded therapeutics, and with flexibility for both intratumoral and intravenous delivery.

Turnstone’s lead TIL therapy candidate, TIDAL-01, is expected to enter clinical development by early next year. The program builds on clinically validated treatment protocols while enriching for the most relevant T-cells for tumor eradication, preserving broad antigen diversity, and minimizing time to treatment for patients, with the ultimate goal of extending the benefit of TIL therapy across a wider range of solid tumor types.

Concurrent with the financing, Santhosh Palani, Ph.D., CFA, Partner at PFM Health Sciences, will join the Company’s Board of Directors. “The addition of the TIL therapy platform to Turnstone’s existing viral immunotherapy creates a significant strategic advantage for the Company,“ said Dr. Palani. “Turnstone’s TIL programs represent the most direct approach to advance the field as there is strong clinical evidence that selection of tumor reactive T-cells can drive better patient outcomes. The enhanced benefit and curative potential that Turnstone can uniquely bring by combining viral immunotherapy with TILs to solve challenges associated with solid tumors, drives yet another layer of excitement.”

About Turnstone Biologics
Turnstone Biologics, a privately held clinical stage biotech company, is developing breakthrough cancer immunotherapies by advancing two leading platforms, both independently and in combination, that drive innate and adaptive tumor immunity to provide benefit to the millions of cancer patients underserved by current treatment options. Turnstone’s proprietary vaccinia virus platform is engineered to drive coordinated immune activation, potent viral activity and local expression of encoded therapeutics. The Company has an ongoing Phase 1/2a trial in solid tumors (RAPTOR) for its leading oncolytic virus candidate, RIVAL-01/TAK-605, which is being developed under a global collaboration with Takeda. The novel TIL therapy platform leverages clinically validated treatment protocols and has been specifically designed to extend beyond the use of bulk TILs to enrich for the most relevant T-cells for tumor eradication, preserving broad antigen diversity and minimizing time to treatment for patients. Turnstone is expecting the lead TIL therapy candidate, TIDAL-01, to enter the clinic by early 2022.

For more information, please visit www.turnstonebio.com, and follow Turnstone on LinkedIn.

About JM Family Enterprises
JM Family Enterprises, Inc. was founded by automotive legend, Jim Moran in 1968. It is a privately held company with $16 billion in revenue and more than 4,200 associates. Rooted in automotive and united in its strong culture and core values, JM Family is in the business of helping other businesses succeed. As a long-term partner, it is invested in its companies, associates and its communities. Driven by exceptional performance, current subsidiaries are in the automotive, financial services and franchising industries. Its family of companies includes: Southeast Toyota Distributors, JM&A Group, World Omni Financial Corp. (dba Southeast Toyota Finance), JM Lexus, DataScan and Home Franchise Concepts. JM Family has earned various awards for its culture, products and services, including 23 consecutive years on Fortune’s 100 Best Companies to Work For list. Interact with JM Family on Facebook, Twitter, Instagram and LinkedIn.

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