TESARO secures $60 million in start-up funding to acquire, develop and commercialize cancer therapeutics

TESARO, Inc., an oncology-focused biopharmaceutical company, today announced that it has secured $60 million in start-up funding to acquire, develop and commercialize cancer therapeutics and supportive care products. Participants in a $20 million Series A financing included New Enterprise Associates (NEA) and TESARO management; additionally, NEA has reserved $40 million to support company growth. The company is co-founded by former executives of MGI PHARMA, an oncology and acute-care focused specialty biopharmaceutical company that was acquired by Eisai Co., Ltd. in 2008 for $3.9 billion. The TESARO leadership team includes Lonnie Moulder, Chief Executive Officer; Mary Lynne Hedley, Ph.D., President and Chief Scientific Officer; and Rick Rodgers, Executive Vice President and Chief Financial Officer. TESARO is dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer and more effective therapeutics and supportive care agents.

“TESARO will take advantage of this progress as we develop drug candidates within defined populations, thereby imparting the greatest benefit to patients.”

"Cancer patients are in need of more effective and safer therapies, yet many promising drug candidates are currently under-resourced," said Lonnie Moulder, Chief Executive Officer. "The TESARO team will apply its demonstrated competencies to identify, acquire, develop and commercialize those potential drug candidates that will make a meaningful difference in the lives of cancer patients."

"Scientific advances are beginning to enable the simultaneous targeting of critical nodes in biochemical and metabolic pathways associated with cancer. In addition, co-development of drugs with correlative diagnostic tools will facilitate the targeting of the most appropriate patients," said Mary Lynne Hedley, Ph.D., President and Chief Scientific Officer. "TESARO will take advantage of this progress as we develop drug candidates within defined populations, thereby imparting the greatest benefit to patients."

David M. Mott, General Partner at NEA, said, "Lonnie Moulder, Mary Lynne Hedley and Rick Rogers are the type of entrepreneurs NEA loves to back. This team has an exceptional track record for delivering value to all constituencies including patients, investors and employees, and importantly, they have previously worked together as a team. Oncology therapeutics is among the largest and fastest growing segments of the biopharmaceutical industry, yet cancer patients remain among the most underserved by today's drugs. We believe there is a tremendous opportunity for the TESARO team to make a real difference for cancer patients while delivering value for their investors and employees."