A stealth start-up has been launched by biotech veteran David Hung focussed on the foremost unmet needs in oncology.
Nuvation Bio has raised $275 million in Series A financing to expand its development activities and advance several of its oncology programmes.
The round was led, structure and syndicated by Omega Funds and included participated from biotech investors.
Hung previously founded and served as President and CEO of Medivation, which was subsequently sold to Pfizer for $14.3 billion in 2016.
“My vision for Nuvation Bio is to provide patients with dramatic medical advancements that address their unmet needs across a wide range of oncology applications,” said Hung, founder, CEO and President of Nuvation Bio.
“I am extremely proud of what we accomplished at Medivation, developing in just seven years what is now the world’s largest prostate cancer drug. However, I believe we could have done so much more had we had more time.
“With seven mechanistically distinct programs at Nuvation Bio, along with the strong support of Omega Funds and a formidable syndicate of investors, we are well-positioned to expand upon the mission we started at Medivation.
“My team and I are extremely excited to develop even more game-changing therapies for the foremost unmet needs in oncology.”
Joining Hung on Nuvation Bio’s Board of Directors are Michelle Doig, Richard Lim and Otello Stampacchia of Omega Funds, as well as former Medivation directors Tony Vernon and Kim Blickenstaff.