ALX Oncology, a clinical-stage immuno-oncology company based in California, has raised $105 million in a Series C equity financing round led by Vivo Capital.
The US biotech company is focused on developing therapies to block the CD47 checkpoint mechanism.
ALX Oncology will use the Series C proceeds to help expand the clinical development of its CD47 myeloid checkpoint inhibitor ALX148 in combination with anti-cancer therapeutics into additional solid tumor and hematologic indications.
Jack B. Nielsen – Managing Director of Vivo Capital said: “We are delighted to lead this financing of top tier investors to help take ALX to the next stage of clinical development.
“We see tremendous opportunity for ALX148 to help cure a wide range of cancer types and become a major new checkpoint inhibitor to combine with a variety of anti-cancer antibodies, checkpoint inhibitors, and other anti-cancer agents.”
The Series C round of the immuno-oncology company also saw participation from other new investors, which included funds managed by Logos Capital, Foresite Capital, Janus Henderson, BVF Partners, Cormorant Asset Management, and investor HBM Healthcare Investments.
The company’s existing investors venBio and Lightstone Ventures also took part in the financing round.
Jaume Pons – President and CEO of ALX Oncology said: “We are pleased to have the support and confidence of our new and existing investors to rapidly advance the clinical development of ALX148 into phase 2 trials.
“The financing from this group of leading life science investors will enable us to realize the potential of ALX148 to benefit patients with cancer.”
In December 2019, ALX Oncology released initial data from the hematological portion of the ALX148 phase 1 clinical trial Non-Hodgkin Lymphoma Combination Cohort. ALX148 was shown to have been well tolerated with no dose-limiting toxicities, and no maximum tolerated dose reached with a maximum administered dose of 15 mg/kg given weekly once.