Reversing course on IPO plans, iTeos draws $125M in private round with crossovers

With two programs having entered the clinic since the company’s series B round, iTeos chose to raise another large private round rather than seek to tap the public markets as it had expected, drawing a new $125 million round to fund ongoing development.

The oncology company is calling the new funding a series B2 round. President and CEO Michel Detheux said it comes at a stepped-up valuation from its original series B, announced in June 2018 as a $75 million funding. iTeos drew only $50 million of that prior round; the new $125 million includes its final $25 million tranche, plus $100 million in newly pledged cash...