US-based immuno-oncology therapy developer Arch Oncology collected $50m on Monday in a series B round that included Roche Venture Fund, the corporate venturing unit operated by pharmaceutical firm Roche.
The round was led by Lightchain, the family office for Rodger Riney, founder of stock brokerage Scottrade, which participated alongside investment firm RiverVest Venture Partners and venture capital firm 3×5 Partners.
Formerly known as Tioma Therapeutics, Arch Oncology is developing therapies that are intended to treat cancer by using the patient’s antibodies to directly kill tumour cells.
The company’s lead product candidate, AO-176, is in a phase 1 clinical trial for patients with select solid tumours. In addition to funding the ongoing trial, the series B capital will also support the progress of its drug pipeline.
Julie Cherrington, president and chief executive of Arch Oncology, said: “Our investors share our commitment to the exciting work we are doing to develop best-in-class antibodies aimed at improving treatment options for patients with cancer.
“With the backing of our investors and the hard work of our experienced team, we look forward to developing new cancer treatment options for patients.”
The company had previously raised $86m in a 2016 series A round co-led by Roche Venture Fund, RiverVest, Novo Ventures and SR One, respective investment vehicles for pharmaceutical companies Novo and GlaxoSmithKline, in addition to $1.3m from unnamed backers in 2015.