Versant launches Tempest with $70M

Immuno-oncology company Tempest Therapeutics Inc. (San Francisco, Calif.) emerged from Versant Ventures' Inception Sciences Inc. incubator on March 28 with a tranched $70 million series B led by Versant, F-Prime Capital and Quan Capital. Lilly Asia Ventures, Foresite Capital and Eight Roads Ventures also participated. Details regarding the tranches were not disclosed.

Tempest is the first disclosed newco from Inception that does not follow the build-to-buy model (see BioCentury, March 28)...