Israel-based precision cancer drug developer Novellus received $57m on Monday in a series C round backed by SR One and Novartis Venture Fund, respective corporate venturing subsidiaries of drug firms GlaxoSmithKline and Novartis.
Healthcare-focused venture capital firm Pontifax led the round, which also featured OrbiMed Advisors, HBM Healthcare Investments, Wellington Management, Cormorant Asset Management and undisclosed additional investors.
Novellus has built a live cell-driven genomic assay for discovering precision cancer drugs based on cancer-causing gene mutations. It also performs research on behalf of third-party clients.
Part of the series C funding is expected to drive clinical work on Novellus’s lead candidate, PLX-8394, which aims to inhibit mutations in BRAF, a gene linked to certain forms of melanoma and colorectal cancer.
The cash will additionally help Novellus enhance its genomics discovery platform.
PLX-8394 will principally address cancers which resist BRAF inhibitors already on the market, one of which was created by Plexxikon, the division of drug firm Daiichi Sankyo that licensed PLX-8394 to Novellus.
Novellus closed a $6m equity round in early 2018 that featured Helsinn Investment Fund, a subsidiary of cancer drug producer Helsinn Group, as well as VC firm Windham Venture Partners and investment unit Bio Capital Impact Fund.
Pontifax had previously co-led a $12.5m round for Novellus in 2015 alongside medical device holding company InterCure and OrbiMed.