VelosBio Inc., a San Diego, CA-based clinical-stage biopharmaceutical company committed to developing novel, first-in-class cancer therapies targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1), completed a Series B financing of $137m.
The round was led by Matrix Capital Management and Surveyor Capital (a Citadel company) with participation from Adage Capital Management LP, Cormorant Asset Management, Farallon, Foresite Capital, Janus Henderson Investors, Logos Capital, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Inc., Venrock Healthcare Capital Partners, Viking Global Investors, and Wellington Management Company, and existing investors Arix Bioscience, Decheng Capital, Pappas Capital, Sofinnova Ventures, and Takeda Ventures.
The company, which has raised a total of $202m in gross proceeds from private financings since its founding in 2017, intends to use the funds to further advance the clinical development of the VelosBio lead antibody-drug conjugate (ADC), VLS-101, and support the continued expansion of its pipeline of ROR1-directed next-generation ADCs and bispecific antibodies.
Led by Dave Johnson, Chief Executive Officer, VelosBio is a clinical-stage biopharmaceutical company committed to developing novel, first-in-class, ROR1-directed therapeutics to transform the lives of patients with cancer. Its lead candidate, VLS-101, is a ROR1-directed ADC being developed for patients with hematologic and solid tumor malignancies. The company is developing a broad pipeline of ROR1-directed therapeutics in oncologic indications with high unmet medical need.