BioClin Therapeutics, a US-based cancer therapy developer that counts pharmaceutical company Novo as an investor, added $20m on Wednesday to a series B round now sized at $50m.
Sectoral Asset Management and Inkef Capital put up the extra cash. Sofinnova Ventures, Ysios Capital, HealthCap, Tekla Capital Management funds and Life Sciences Partners (LSP) had funded the $30m first tranche, which closed in March 2017.
BioClin is working on a monoclonal antibody that will treat metastatic bladder cancer, and the proceeds from the series B round will support phase 2 clinical trials for its lead drug candidate, B-701, which is targeting the fibroblast growth factor receptor 3 gene.
Stephen Lau, BioClin’s chief executive, said: “This financing supports our phase 2 trials evaluating B-701 both as a single agent, as well as in combination with (immuno-oncology treatment) pembrolizumab and separately with (chemotherapy drug) docetaxel.
“We anticipate completing enrolment in these phase 2 studies by the second half of 2018, with initial data expected by year-end.”
The round lifted BioClin’s overall funding to $79m. Novo had invested $20m in BioClin when it was still in stealth in 2012, according to Xconomy, and HealthCap, LSP and Tekla Capital Management are also among the company’s earlier investors.