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Avenge Bio Announces Closing Of $45 Million Series A Financing

Jan 05, 2022•almost 4 years ago

Amount Raised

$45 Million

Round Type

series a

Natick

Description

Avenge Bio, Inc., a biotechnology company developing the LOCOcyteTM immunotherapy platform for the precision administration of potent immune effector molecules to treat solid tumors, today announced the closing of its Series A financing of $45 Million. The round of financing was co-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. Proceeds from the Series A financing will be used to advance Avenge Bio's 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. The company will also use the proceeds to continue the rapid development of its pipeline programs.

Company Information

Company

Avenge Bio

Location

Natick, Massachusetts, United States

About

Avenge Bio, Inc. is an oncology-focused biotechnology company developing transformative cell-based immunotherapeutic products for the treatment of intractable solid tumors by incorporating its LOCOcyteTM platform. The LOCOcyteTM 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 robust, local and durable systemic immune response while avoiding toxicities associated with systemic immunotherapies. Avenge's 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. Avenge Bio was founded in 2019 based upon technology developed in the laboratory of Omid Veiseh, Ph.D. and has an exclusive license from Rice University for this technology. To learn more, visit www.avengebio.com.

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