Third Arc Bio, a pharmaceutical tech company based in Lower Gladwyn, has raised $165 million in its first round of funding, reports John George of the Philadelphia Business Journal.

According to filings with the SEC, funding was led by Vida Ventures, Cormorant Asset Management, and its founding investor Omega funds, among others.

The biotech firm, led by CEO Peter Lebowitz, was founded in 2022 by a group of Johnson & Johnson alum with the goal of developing new cancer treatments. The company uses T-cell modulation, a type of immunotherapy that uses the patient’s own immune cells to target cancer.

Lebowitz was Johnson & Johnson’s former head of oncology R&D and says that the new financing will move Third Arc Bio’s three drug development programs into the clinical testing stage.

With many of the founding members living locally, Third Arc Bio is stationed in Lower Gwynedd. 

“Our location allows us to tap into tremendous talent in the area between Princeton and Philadelphia, which includes many biotech and larger pharmaceutical companies,” said Lebowitz.

Currently, Third Arc Bio has 23 employees. Thanks to the new funding, they expect that to nearly double by the end of the year.

Read more about Third Arc Bio and their cancer treatment efforts at the Philadelphia Business Journal.