US-based biotechnology company CytomX Therapeutics secured $20m in a series C round led by Pfizer Venture Investments, the corporate venturing unit of drugs company Pfizer, yesterday.
Roche Venture Fund, the corporate venturing arm of healthcare company Roche, also participated in the round alongside Third Rock Ventures and Canaan Partners.
CytomX previously secured $41m in a 2012 series B round that included Roche and Third Rock, and which was led by Canaan. It reportedly raised $5m in a 2009 series A round backed by undisclosed angel investors.
The company is working on technology based on probodies, masked antibodies which remain inert in healthy tissue but that are activated when they detect cancerous cells, meaning tumours can be targeted in a precise microenvironment without damaging healthy cells.
CytomX is developing an internal pipeline and established a research and development partnership with Pfizer in 2013, and has formed partnerships with Immunogen and Bristol-Myers Squibb. The series C proceeds will be used to advance its product pipeline.