US-based biopharmaceutical company Effector Therapeutics boosted its series B round, already backed by investors including pharmaceutical firms GlaxoSmithKline (GSK), AbbVie, Novartis and Astellas, to $56m on Friday.
The extension was provided by investment firm Sectoral Asset Management as well as existing, unnamed investors.
Effector Therapeutics raised an initial $40m in December 2015 in a tranche led by Altitude Life Science Ventures. GSK, AbbVie, Astellas and Novartis participated through their respective corporate venturing arms SR One, AbbVie Biotech Ventures, Astellas Ventures and Novartis Ventures.
The first tranche also featured Abingworth, BioMed Ventures, Column Group, US Venture Partners, Osage University Partners and Mission Bay Capital.
Effector is working on treatments for a range of cancers. It will use the fresh funding to continue development of its lead drug candidate, which is currently undergoing a phase 1/2 clinical trial for patients with solid tumours, and to investigate the drug’s uses in lymphoma.
The company also hopes to advance its pipeline and to reveal a second candidate later this year.
Effector raised $45m in a 2013 series A round backed by Novartis Ventures, SR One, Astellas Ventures, US Venture Partners, Abingworth, Osage University Partners and Mission Bay Capital.