US-based immuno-oncology treatment developer Armo Biosciences closed a $67m series C1 round on Tuesday with the support of GV, an investment arm of conglomerate Alphabet, and pharmaceutical firm Celgene.
The round was led by Qiming Venture Partners, with further participation from Decheng Capital, Sequoia Capital, Quan Capital, RTW Investments, Kleiner Perkins Caufield & Byers (KPCB), OrbiMed, DAG Ventures, NanoDimension, HBM Healthcare Investments and unnamed funds advised by Clough Capital Partners.
GV and Celgene previously participated in a $50m series C round in February 2016 alongside KPCB, OrbiMed, DAG, NanoDimension, HBM, Industrial Investors Group and funds advised by Clough.
Founded in 2012, Armo is developing immunotherapies with its lead candidate, AM0010, targeting non-small cell lung cancer, renal cell cancer and advanced pancreatic cancer.
The money will support the launch of phase 2/3 trials for AM0010 in non-small cell lung cancer and renal cell cancer. It will also support an ongoing phase 3 study in advanced pancreatic cancer.
The company also aims to use the capital to further its pipeline, with one additional candidate expected to enter the clinic next year and one antibody currently in preclinical development.
Stella Xu of Quan Capital and Min Cui of Decheng Capital have joined Armo’s board of directors.
In 2014, Armo raised $30m in a series B round led by NanoDimension with participation from KPCB, DAG and OrbiMed. A year earlier, KPCB led a $20m series A round with the support of DAG and OrbiMed.