MoFo advised Rakuten Medical in the completion of its $166 million Series D Preferred Stock financing (including $75 million in new investment and the conversion of $91 million in convertible notes). Rakuten Medical is a global clinical stage biotechnology company focused on developing and commercializing innovative oncology products for multiple indications. Rakuten Medical's lead drug, ASP-1929, achieved approval in Japan for unresectable locally advanced or locally recurrent head and neck cancer in September 2020. The company is continuing to develop additional therapies on its Illuminox™ platform for a range of oncological indications.
The round was led by General Catalyst with additional participation from existing investors, including Rakuten Group and SBI Group.
The MoFo team included San Diego corporate attorneys Jim Krenn, Jay de Groot, Andrew Dixon and Carey Hughes, New York corporate associates Miles Gilhuly, Tyler Miller and Lee Nisson and San Francisco TTG associates Leanne Ta, Monica Cai, Scott Chen and Gilbert Choi.