Gilead’s Antibody Finds New Life with $40M Investment in Small Biotech

1. Gilead's Antibody: Gilead Sciences has tested an antibody multiple times, which has now been salvaged by a small biotech company with a $40 million investment.
2. Small Biotech: The small biotech company, Pheon Therapeutics, has received the investment to support early clinical testing of three antibody-drug conjugates (ADCs).
3. Investment Details: The $40 million investment is part of a larger $120 million Series B funding round led by TCGX, with support from new investors BVF Partners, Lightspeed, and Perceptive Advisors, as well as existing backers Atlas Venture, Brandon Capital, Forbion, and Research Corporation Technologies.
4. ADCs in Oncology: The investment highlights the growing interest in antibody-drug conjugates in oncology research and development.
5. Gilead's Settlement: Gilead has also reached a $40 million settlement to resolve 2,625 HIV drug lawsuits pending in federal courts, which involves allegations of kidney and bone problems due to the company's delay in developing safer versions of its HIV drugs.