US-based oncology treatment developer Cleave Biosciences closed a $37m series B round featuring pharmaceutical companies Celgene and Astellas yesterday, the latter investing through its Astellas Venture Management subsidiary.
The round was filled out by Nextech Invest, Arcus Ventures, 5AM Ventures, Clarus Ventures, New Enterprise Associates (NEA), OrbiMed, US Venture Partners and Osage University Partners.
Cleave is developing therapeutics that treat solid tumours and hematologic malignancies by targeting protein homeostasis systems.
The funding will be used to advance clinical development of Cleave’s lead drug candidate, an oral enzyme inhibitor called CB-5083, and to support discovery of new drugs through its technology platform, AAA ATPase.
Laura Shawver, chief executive of Cleave Biosciences, said: “We have made significant progress advancing the clinical program for our lead drug candidate, CB-5083, as well as ongoing research to identify additional novel agents targeting the AAA ATPase family.
“We will be able to sustain our momentum with the commitment of our new and existing investors.”
The company previously raised $44m in 2011 from Astellas Venture Management, US Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors and Osage Venture Partners, before NEA invested $10m two years later.
Alfred Scheidegger, founding partner and chief executive of Nextech Invest, joined Cleave’s board of directors in conjunction with the round, as did Carol Gallagher, a partner at NEA.