Tokai Pharmaceuticals, a biopharmaceutical company focused on developing new treatments for prostate cancer, has raised $23 million in a Series D3 financing. The proceeds will be used to support the ongoing clinical development of galeterone (TOK-001), the company's lead drug candidate, which has completed an initial proof-of-concept phase 1 clinical trial for the treatment of patients with castration resistant prostate cancer (CRPC). The financing round included both current investors, Novartis Venture Fund and Apple Tree Partners.

In addition, Martin D. Williams has been named Tokai's new president and chief executive officer, and as a member of its board of directors. Williams was previously chief business officer at Dicerna Pharmaceuticals, a venture-backed company focused on oncology, and has nearly 25 years of experience in developing, commercializing and partnering innovative global biopharmaceutical products.