ARMO BioSciences, Inc., a Redwood City, CA-based clinical-stage biotechnology company, raised $30m in Series B financing.
The round was led by NanoDimension, with participation from existing investors Kleiner Perkins Caufield & Byers, OrbiMed and DAG Ventures.
Founded in 2012 and led by Peter Van Vlasselaer, Ph.D., president and chief executive officer, ARMO BioSciences is focused on developing immunotherapies for the treatment of cancer, fibrosis, hypercholesterolemia/atherosclerosis and inflammatory diseases.
The company intends to use the funds to complete a Phase 1 clinical study of AM0010 (PEG-rHuIL-10), a PEGylated form of recombinant human interleukin-10 (PEG-rHuIL-10), which directly activates tumor specific CD8+ killer T lymphocytes, in advanced solid tumors. It plans to begin patient enrollment in the fifth dose escalation cohort this month.