Biopharmaceutical company Molecular Templates Inc closed its Series C financing with USD 8.5 million in capital commitments. The round was led by Excel Venture Management with the participation of the firm's existing investor Santé Ventures. As part of the transaction, Dr. Steve Gullans and Caleb Winder from Excel Venture would be joining the Board of Directors of Texas-based Molecular Templates.

Last year, Molecular received a grant from the Cancer Prevention & Research Institute of Texas worth USD 10.6 million. The grant money was used to advance MT-3724 to clinical trials. The lead compound is used to treat non-Hodgkin's lymphoma.

Molecular Templates CEO and CSO Eric Poma, Phd said, "This round of financing will allow us to develop our technology around antibody-drug conjugates, siRNA delivery, and enzyme replacement therapy while continuing to advance our lead compound, MT-3724."

Excel Venture Managing Director Steve Gullans said his company was happy to be partnering with Molecular Templates at a time when the firm was set to prove the efficacy of its technology in clinical trials.