Tagworks' technology enables controlled drug release induced by an in vivo click reaction with a trigger molecule. When applied to ADCs the triggered on-target release expands the scope to non-internalizing targets, affording a high bystander effect for the killing of tumors with heterogenous target expression. The platform also enables the on-target activation of immunomodulators, and the off-target deactivation of radiopharmaceuticals, enhancing their safety and therapeutic index.

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Our Click-to-Release approach is poised to change the standard of care for patients with solid tumors. The limitation of today’s conventional ADCs is that they rely on suitable internalizing targets, which are not necessarily expressed by every cancer type and cancer cell. Our ADC therapy, however, does not depend on internalizing targets as it is based on chemically controlled release of the payload in the tumors micro-environment, thereby killing heterogeneous tumors where not every cancer cell expresses the target.

Marc Robillard, CEO and founder

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The challenge

Tagworks separated from Philips in 2011 and from that point onwards further developed its technology and therapeutic applications as a stand-alone entity. By 2021, Tagworks had raised a seed round, with plans for a larger Series-A funding round on the horizon. Recognizing the importance of elevating the quality of financial information, the company partnered with F.INSTITUTE to enhance operational finance and reporting processes.

As Tagworks gained momentum and engaged in discussions with potential investors in early 2022, the CEO sought CFO-level support to translate interest into tangible action by refining the equity story, enhancing investor materials, and providing day-to-day management coordination to drive the investment process forward.

The solution

F.INSTITUTE's tailored financial solution proved instrumental for Tagworks, offering comprehensive support at a fraction of the cost of an in-house team. Initially, the partnership focused on:

• ‍Integrate all the financial data (bookkeeping, payroll, budget) in a single financial platform.  
• Built advanced financial projections and models.
• Upgrade the quality of materials and reporting to an investor-compatible standard.

With momentum building, F.INSTITUTE expanded its support, offering in-depth CFO support and Capital Advisory services to navigate the Series-A closing process. Activities included:

• Preparing the non-confidential and confidential marketing materials to support discussions.
• Assisting in compiling and organizing due diligence materials.
• Advising on syndication, deal structure, pricing and key business terms.
• Developing a game plan to mitigate transaction specific issues.
• Running the financial, valuation and cap table models that supported the transaction.

Following the equity round's closure in Jan-2023, Tagworks continued to benefit from F.INSTITUTE's expertise, with the CFO provided by F.INSTITUTE integrating into the team. Responsibilities included managing stakeholders including board meeting representation and preparation, setting up cash management structures, and ensuring coherence of R&D roadmap and cash outlook.

The impact

 Tagworks secured a successful equity round led by prominent investors, including Ysios Capital and Gilde Healthcare, with participation from Novartis Venture Fund, New Enterprise Associates (NEA), and Lightstone Ventures. The funding will propel the advancement of TGW101, Tagworks' leadclick-cleavable ADC program, towards initial clinical proof-of-concept, and further the development of its broader oncology pipeline.

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 This financing is an important step in unlocking the wide range of potential applications for Click-to-Release technology, to treat cancer types not addressed by current therapies.

Marc Robillard, CEO and founder