Pharma industry news : Arch Oncology, a California-based clinical-stage immune-oncology company, has raised a funding of $50 million in a Series B financing round.
The immune-oncology company is engaged in the discovery and development of anti-CD47 antibody therapies.
The new capital will enable Arch Oncology to advance the ongoing phase 1 clinical trial of its anti-CD47 antibody product – AO-176 in certain solid tumors. The proceeds will also be used for advancing other products in its pipeline, which includes anti-signal regulatory protein (SIRP) antibodies.
In February, Arch Oncology announced the dosing of the first patient in the phase 1 clinical trial of AO-176, which has been designed to block the “don’t eat me” signal. According to Arch Oncology, the anti-CD47 antibody also directly kills tumor cells by preferentially binding with them instead of normal cells.
Julie M. Cherrington – President and CEO of Arch Oncology said: “Our investors share our commitment to the exciting work we are doing to develop best-in-class antibodies aimed at improving treatment options for patients with cancer.
“This financing supports our ongoing Phase 1 clinical trial for AO-176, our highly-differentiated anti-CD47 antibody, as we continue to dose patients. Additionally, these proceeds enable us to advance our discovery-stage pipeline. With the backing of our investors and the hard work of our experienced team, we look forward to developing new cancer treatment options for patients.”
The financing was led by new investor Lightchain with the company’s existing investors RiverVest Venture Partners, Roche Venture Fund, and 3×5 Partners also taking part.
John McKearn – Managing Director of RiverVest Venture Partners said: “Over the past year, the Arch Oncology team under Julie’s leadership has successfully executed on plans to advance AO-176 from the laboratory, through IND submission, and into the clinic”.
“We believe AO-176 has a best-in-class profile among agents in the anti-CD47 space and we are excited to see the progress advancing the pipeline.”