US-based immuno-oncology therapy developer Oncorus closed a $57m series A round yesterday that featured pharmaceutical company Celgene.
The round was led by MPM Capital, through equal commitments from its MPM BV2014 fund and its Oncology Impact Fund, which is backed by financial services firm UBS. It also included Deerfield Management, Arkin Bio Ventures, Excelyrate Capital, Long March Investment Fund and MPM’s SunStates Fund.
Founded in 2015, Oncorus is working on an immunotherapy platform that uses viruses to destroy cancer cells of several types. Its lead candidate targets glioblastoma multiforme, the most common form of malignant brain tumour.
The approach is based on research conducted at Pittsburgh University by Joseph Glorioso and Paola Grandi, who will join the company’s advisory board.
Oncorus will use the money to expand and improve its platform, investing further in research and development of treatments for oncolytic viruses. The company will also accelerate its pipeline for other indications of cancer.
Luke Evnin, co-founder of MPM Capital and chairman of Oncorus’ board of directors, said: “Oncorus’s next-generation immunotherapy platform is extremely innovative and could potentially help many thousands of patients diagnosed with deadly cancers such as glioblastoma.
“We are pleased to have an outstanding group of co-investors supporting this experienced management team to advance what we believe could become a new paradigm in cancer treatment.”