Fortis Therapeutics, an immuno-oncology biotechnology spinout of University of California San Francisco, closed an $18m series A round yesterday that included Lilly Asia Ventures, a subsidiary of pharmaceutical firm Eli Lilly.
Venture capital firm Avalon Ventures led the round, while Bregua Corporation, Vivo Capital and Osage University Ventures, an investment fund backed by a multitude of higher education institutions, also took part in the round.
Fortis Therapeutics is working on antibody drug conjugate treatments targeting late-stage metastatic, castrate-resistant prostate cancer and multiple myeloma. It was incubated by COI Pharmaceuticals, the incubation arm of Avalon Ventures.
Jay Lichter, president and CEO of Fortis and COI, and managing director of Avalon, said: “Dr Liu has identified a novel and unique target for an antibody drug conjugate therapy that could help patients with prostate cancer or multiple myeloma where other treatments have failed.
“We are pleased to be working with an enterprising and diverse syndicate of investors, who have shown a dedication to investing in innovative ideas for important unmet medical needs.”
– This story was adapted from an article on our sister site, Global University Ventures.