Galera Therapeutics, Inc., a Malvern, PA-based clinical-stage biotechnology company developing new treatments for cancer patients, received $15m in funding from new backer Sofinnova Ventures.
The investment brought the total amount raised in the Series B round to $57m. Sofinnova joined existing investors New Enterprise Associates, Novartis Venture Fund, Novo Ventures, Correlation Ventures, Enso Ventures and Galera Angels. In conjunction with this financing, Mike Powell, PhD, General Partner at Sofinnova, will join the Galera Board of Directors.
The company intends to use the proceeds to prepare its lead product candidate, GC4419, for Phase 3 registration studies and to further develop its pipeline of selective dismutase mimetics.
Led by J. Mel Sorensen, MD, President and CEO, Galera focuses on the development of drugs targeting oxygen metabolic pathways. It is initially focused on developing products for the prevention of radiation-induced toxicity, including oral mucositis, and the treatment of cancer.
The company’s lead compounds are selective small molecule dismutase mimetics that closely mimic the activity of the human superoxide dismutase enzymes. Its GC4419 is currently in a randomized, placebo-controlled Phase 2b clinical trial to evaluate its effects on the incidence, duration and intensity of severe oral mucositis in head and neck cancer patients undergoing chemo-radiation therapy.