VelosBio Inc., a US-based next-generation oncology company, developing novel antibody-drug conjugates (“ADCs”) to treat haematological cancers and solid tumours, raised $58m in Series A funding.
The round was co-led by Arix Bioscience (LSE: ARIX), a global healthcare and life science company supporting medical innovation, which committed $11m (£8.4m) for 11.2% ownership stake, and Sofinnova Ventures, with participation from Pappas Ventures and Chiesi Ventures, as well as existing investors Takeda Ventures, Inc and Decheng Capital.
In conjunction with the funding, Arix Investment Director, Mark Chin, will join the VelosBio board of directors.
Led by Chief Executive Officer Dave Johnson, and Executive Vice President of Development and Chief Medical Officer Langdon Miller, MD, VelosBio is a near-term clinical-stage biopharmaceutical company focused on novel cancer targets based on ADCs, a new class of drugs designed as a targeted therapy for the treatment of people with cancer. In contrast to traditional chemotherapeutic drugs, ADCs only target cancer cells so that healthy cells are less affected.
Proceeds from the financing will be used to complete nonclinical development and advance the company’s lead programs into clinical studies.