Rondo Therapeutics, a biopharmaceutical company advancing a next-generation immuno-oncology platform for treating solid tumors, announced the closing of an oversubscribed $67 million Series A financing. Proceeds will support the continued development of Rondo's preclinical pipeline as the company advances its lead bispecific antibody candidates toward initial Phase 1 clinical studies.

The financing was co-led by Red Tree Venture Capital and Canaan Partners, and included significant investment from Johnson & Johnson Innovation - JJDC, Inc. Additional investors included Novo Holdings A/S and SV Health Investors.

Rondo is focused on addressing the significant unmet need for novel immunotherapy approaches capable of treating solid tumors. While T-cell engagers and other bispecific antibodies have shown tremendous success in treating hematologic cancers by engaging a patient's immune system to eliminate tumor cells, translating this success to solid tumors has proved challenging with current approaches and biologic targets. The company, whose founders have deep expertise in bispecific antibody discovery, is committed to leveraging its proprietary immuno-stimulatory platform, to develop first-in-class therapeutics for the treatment of solid tumors.