Arvinas, LLC, a New Haven, Conn.-based biotechnology company creating a new class of drugs based on protein degradation, closed a $55m Series C financing.
The round was led by new investor Nextech Invest, with participation from additional new investors Deerfield Management, Hillhouse Capital, and Sirona Capital and existing investors Canaan Partners, 5AM Ventures, RA Capital Management, OrbiMed, and New Leaf Venture Partners. In connection with the financing, Jakob Loven, Ph.D., partner with Nextech Invest, will join the Arvinas board of directors.
The company intends to use the proceeds for the advancement of its two lead programs toward clinical investigation. The two programs target the androgen receptor for castration resistant prostate cancer and the estrogen receptor for ER+ positive breast cancer, both nominated orally available clinical candidates in the fourth quarter of 2017.
These proceeds will also advance Arvinas’ early stage oncology pipeline, CNS pipeline, and efforts on undruggable targets.
Led by John Houston, Ph.D., President and Chief Executive Officer, develops new small molecules ‒ known as PROTACs (PROteolysis TArgeting Chimeras) ‒ aimed at degrading disease-causing cellular proteins via proteolysis. Based on innovative research conducted at Yale University by Dr. Craig Crews, Founder and Chief Scientific Advisor, the company is translating natural protein degradation approaches into novel drugs for the treatment of cancer and other diseases.