These approaches have not proved successful for all cancer patients and are still early. Juno Therapeutics, a Seattle-based company in the space, needed to halt development for its drug therapy after three patient deaths.
Still, Silicon Valley’s venture investors see an opportunity to make a return with Gilead Sciences’ recently acquiring cancer immunotherapy company Kite Pharma for $11.9 billion. That follows Abbvie’s $10.2 billion acquisition of Founders Fund-backed cancer drug start-up Stemcentrx in 2016.
These venture firms also see potential to combine traditional drug therapeutics with new technologies like machine learning in the hopes of accelerating the timeline and reducing the cost of bringing a new drug to market.
The round was led by Parker through his venture fund, the person said, with participation from Thiel Capital and several other firms.