Armo BioSciences, Inc., a Redwood City, CA-based clinical-stage biotechnology company focused on multiple oncology indications, completed a $50m Series C funding.
Backers included existing investors Kleiner Perkins Caufield & Byers (KPCB), OrbiMed, DAG Ventures and NanoDimension, as well as new investors HBM Healthcare Investments, GV (formerly Google Ventures), Celgene Corporation, Industrial Investors Group and certain private investment funds advised by Clough Capital Partners L.P.
The company intends to use the funds to support the clinical development of its lead product candidate, AM0010 for the treatment of advanced solid tumors, and its pipeline of immunotherapies, including cytokines and an anti-Programmed Cell Death Protein (anti-PD-1) monoclonal antibody checkpoint inhibitor.
Founded in 2012 and led by Peter Van Vlasselaer, Ph.D., President and Chief Executive Officer, Armo is advancing AM0010, its lead immunotherapy product candidate, which has shown activity as a monotherapy and in combination with anti-PD-1 agents in immune-sensitive tumors such as melanoma, renal cell carcinoma (RCC) and non-small cell lung cancer (NSCLC) as well as in colorectal (CRC) and pancreatic (PDAC) cancers.
The company plans to initiate the first of several registration-enabling phase 2/3 studies for AM0010 in solid tumors.