Elephas Biosciences Raises $41.5M in Series B Funding

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Elephas Biosciences Corporation, a Madison, Wis.-based oncology diagnostics company, raised $41.5m in Series B funding.

The round was led by ARCH Venture Partners, joined by new investors, Moore Strategic Ventures and Tao Capital Partners, as well as and current backers Northpond Ventures, Sands Capital, and WARF Ventures. ARCH Venture Partners’ Paul Berns will join the Elephas board of directors and ARCH’s Keith Crandell will be joining as a board observer. This follows the recent appointment by the company of Steven Galson, the former director of the Center for Drug Evaluation and Research at FDA, as independent director. 

Led by Maneesh Arora, founder and CEO, Elephas is developing an oncology diagnostics platform to predict response to immunotherapy. The platform utilizes live fragments from a patient biopsy and treats those fragments with potential therapies and combinations. The latest advances in cancer biology combined with multi-modal imaging are used to assess how patients will respond before beginning treatment.  

Elephas is launching two human clinical trials on the platform in the next quarter and plans to share initial clinical data in 2023. The company also plans to make the platform available to biopharma researchers next year.

Prior investments include $20m from the Series A and $8m from the founder and early seed investors.