Cleave Biosciences, a Burlingame, California-based developer of novel small molecule therapies for difficult-to-treat cancers, raised $10m in an extension of its Series A financing from new investor New Enterprise Associates (NEA).
The company intends to use the capital, which brings its Series A total to $54m, to move its lead program into clinical trials and advance its second discovery program.
In 2011, Cleave had raised $44m from US Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors, Astellas Venture Management and Osage University Partners to fund its cancer drug discovery and development(read here).
Led by Laura Shawver , Ph.D., CEO, the company is discovering novel drugs that affect protein degradation pathways. Its lead program is discovering small molecules that target p97, a central player in the ubiquitin proteasome and autophagy pathways that are involved in controlling protein degradation.
In conjunction with the financing, NEA partner Robert Garland , M.D., has joined Cleave Biosciences’ board of directors.