US-based cancer immunotherapy developer FLX Bio raised $50m on Tuesday in a series B round that included pharmaceutical company Celgene.
Venture capital firms The Column Group (TCG) and Kleiner Perkins Caufield & Byers (KPCB) also participated in the round, as did private equity firm Topspin Partners.
FLX is developing oral immuno-oncology medicines, and was formed when its predecessor company, Flexus Biosciences, was acquired by biopharmaceutical company Bristol-Myers Squibb for $1.25bn in February 2015. Celgene, TCG and KPCB were also investors in Flexus.
The capital will be used to advance of FLX925, a clinical compound that is currently in a phase 1 study for acute myeloid leukaemia. Additional funds will support the discovery of new immuno-oncology compounds.
Brian Wong, president and CEO of FLX, said: “We believe we have the opportunity to expand the treatment options for cancer patients by developing novel compounds focused on inhibiting the activity of regulatory T cells and myeloid cells, which are cells that are responsible for suppressing the immune system’s ability to kill cancer cells.
“We are pleased to have the support of such a renowned group of biotechnology investors, who share our excitement in this important work.”
FLX disclosed an additional $29m in series A financing alongside the series B round but did not reveal details concerning which investors were involved or when the cash was raised.