US-based cancer diagnostics company Avelas Biosciences has closed the second tranche of a $7.4m series B round from backers including healthcare research company WuXi PharmaTech.
WuXi PharmaTech, which invested through its WuXi PharmaTech Investments subsidiary, participated in the round alongside Avalon Ventures, Torrey Pines Investment and additional undisclosed investors.
Avelas’ lead product candidate, AVB-620, is a diagnostic tool that could deliver a real-time cancer diagnosis in the form of a luminous map, which would enable surgeons to make more thorough care decisions earlier than currently possible.
The company reached a first close of $6.8m in January this year, after closing a $7.7m series A round funded by Avalon in 2012.