Avenge Bio Closes $45M Series A Financing

Avenge Bio

Avenge Bio, a Natick MA-based biotechnology company, raised $45M in Series A funding.

The round was led by Perceptive Xontogeny Venture Fund and CAM Capital, with participation from seed investor Longitude Capital and new investors Rock Springs Capital and Pappas Capital.

The company intends to use the funds:

  • to advance its lead program, AVB-001, through the filing of an Investigational New Drug (IND) application and into the clinic for the treatment of metastatic peritoneal cancers, with a primary focus on recurrent and refractory ovarian cancer, and
  • to continue the rapid development of its pipeline programs.

Led by Michael Heffernan, CEO, and Omid Veiseh, Ph.D., co-founder, Avenge Bio is an oncology biotechnology company developing cell-based immunotherapeutic products for the treatment of intractable solid tumors by incorporating its LOCOcyte™ platform. The platform leverages proprietary engineered cells delivered to the local tumor environment that generate high concentrations of immune effector molecules in proximity to the tumor. This initiates a local and durable systemic immune response while avoiding toxicities associated with systemic immunotherapies. Its most advanced product candidate, AVB-001, produces native IL-2 immunotherapy and is initially being studied in metastatic peritoneal cancers such as ovarian cancer. Avenge has additional pipeline candidates for the treatment of a wide range of cancers including pancreatic, lung and breast cancers.