Calistoga Pharmaceuticals, a US-based drug developer of cancer treatments backed by Amgen Ventures, has raised $40m in its series C round.
US investment firm Quogue Capital led the C round as a new investor, along with US venture capital firms Alta Partners, Frazier Healthcare, Three Arch Partners, Latterell Venture Partners and Amgen Ventures, the corporate venturing arm of biotechnology company Amgen set up in 2004.
Frazier founded Calistoga Pharmaceuticals in 2006 as a spin out of a drug development program from ICOS, a biotech company sold to Eli Lilly. The following year it raised $26.2m in its series A from Alta Partners, Frazier and Three Arch Partners as well as Amgen Ventures.
Lilly Ventures, the corporate venturing division of drugs company Eli Lilly, retains an equity stake in Calistoga after its spin out from ICOS.
Last year, Calistoga raised $30m for its series B round.