US-based clinical-stage oncology company Innocrin Pharmaceuticals secured $28m in a series D round backed by investors including the corporate venturing units pharmaceutical companies Novartis and Eli Lilly on Tuesday.
The round was led by Eshelman Ventures, while Hatteras Venture Partners, Intersouth Partners and A&B Equity Holdings also participated alonsgside Novartis Venture Fund and Lilly Ventures.
Innocrin, which is working on treatments for breast and prostate cancer, was spun out of antifungal treatment developer Viamet Pharmaceuticals in October 2014, at the same time as Viamet raised $60m of funding from investors including Novartis Venture Fund and Lilly Ventures.
The company has not disclosed any previous rounds, though it did raise $8m in debt financing in December 2014.
The series D funding will be used to support Phase 2 trials for a drug candidate aimed at patients with castration-resistant prostate cancer. Innocrin will also begin Phase 1 and 2 clinical trials for a drug candidate aimed at women suffering from certain types of breast cancer.