Avenge BIO, a Natick MA-based company in biotechnology, has raised $45M through Series A funding.
Perceptive Xontogeny Venture Fund led the round, as did CAM Capital. New investors Rock Springs Capital (Pappas Capital) also participated.
The company plans to use the funds as follows:
- AVB-001’s lead program was advanced by the filing of an Investigational New Drugs (IND) application. This allowed for AVB-001 to be admitted into the clinic to treat metastatic peritoneal carcinomas. The primary focus of the clinic is recurrent and refractory ovarian disease.
- To continue rapid development of its pipeline programmes.
Avenge Bio, CEO and co-founder by Omid Veiseh (Ph.D.), is an oncology biotechnology firm that develops cell-based immunotherapeutic products to treat intractable solid tumours. It incorporates its LOCOcyteTM platform. This platform uses proprietary engineered cells that are delivered to the tumor to generate high levels of immune effector molecules. This triggers a sustained and local immune response without the side effects of systemic immunotherapies. AVB-001 is the most advanced product candidate and it produces native IL-2 immunotherapy. It is currently being tested in metastatic peritoneal tumors like ovarian cancer. Avenge also has pipeline candidates that can be used to treat a variety of cancers, including breast, lung, and pancreatic cancers.