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Tubulis, with latest funding, has raised 495 million euros

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Funds aim to expand trials of a lead cancer treatment

product

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Market for targeted treatments may reach $31 billion by

2030

By Bhanvi Satija

LONDON, Oct 15 (Reuters) - German biotech firm Tubulis

said on Wednesday it had raised 308 million euros ($358 million)

in its biggest financing round to date, contributing to a total

of 495 million euros earmarked for advancing its research into

targeted cancer therapies.

Tubulis is developing targeted cancer treatment,

specifically antibody-drug conjugates often referred to as

"guided missiles," which deliver chemotherapy directly to cancer

cells while minimizing harm to healthy tissue.

The market for these treatments is projected to reach $31

billion by 2030 based on currently approved drugs and could

expand further, analysts at TD Cowen estimated.

The financing signals that investors continue to think of

such targeted therapies as a lucrative market, despite a

prolonged period of tight financing in the biotech industry.

"It's a very competitive space, and the reason why it's

competitive is because this format is really providing benefit

for patients," said Tubulis CEO Dominik Schumacher.

Schumacher said the funds will be used to test the company's

lead product - known as TUB-040 - in earlier lines of therapy

and additional cancers.

The drug binds to NaPi2b, a protein found in certain cancer

cells, and is being tested as a treatment for platinum-resistant

ovarian cancer and a common form lung cancer.

Data from its ovarian cancer trial will be presented at a

medical meeting in Berlin on October 19.

The funding round was led by U.S. based Venrock Healthcare

Capital Partners.

The Munich-based biotech firm has partnered with U.S.

drugmakers Bristol Myers and Gilead to develop

next generation antibody-drug conjugate treatments.

Schumacher said partnerships were part of a biotech's

business model and the company was open to evaluating any "good

opportunities" that come their way.

($1 = 0.8594 euros)