CytomX Therapeutics Inc., a San Francisco, CA-based biotech startup creating a new generation of highly targeted antibody therapeutics, has expanded its Series B funding.
The round, which now amounts to $41m, was led by Canaan Partners, with participation from existing investors Third Rock Ventures and the Roche Venture Fund.
In conjunction with the funding, Tim Shannon of Canaan Partners will join CytomX’s board.
Led by Sean McCarthy, D. Phil., CEO, the company has developed its CytomX’s Probody™ Platform, which represents a novel approach for developing highly targeted antibody therapeutics. It is building a pipeline of Probodies against validated and novel targets in oncology, inflammation and other areas.
CytomX intends to use the capital to advance its lead programs toward the clinic and the execution on broad business development activities aimed at the formation of partnerships in oncology and inflammatory disease.