US-based biotechnology company Galera Therapeutics boosted its series B round, backed by investors including pharmaceutical companies Novartis and Novo, to $42m on Wednesday following a $5m extension from investment firm Enso Ventures.
The round’s first tranche, closed in October 2015, was led by Novo subsidiary Novo Ventures. Novartis participated in the first tranche through its corporate venturing arm, Novartis Venture Fund, investing alongside New Enterprise Associates (NEA), Correlation Ventures and Galera Angels.
Galera is developing treatments to prevent the side effects of chemotherapy. Its lead drug candidate, GC4419, is aimed at oral mucositis in head and neck cancer patients, a condition that can cause pain and infections as well as prevent food or drinks consumption.
The company will use the money to advance GC4419 into a phase 2b clinical trial and to further develop its pipeline. Galera received $4.7m in equity funding in 2014, according to a regulatory filing.
Novartis Venture Fund and NEA had already co-led Galera’s $11m series A round in 2012, with participation from Correlation Ventures.
Galera reportedly secured $1m in grants and seed capital from scientific company ABC Laboratories, non-profit funding firm Biogenerator and angel firms Centennial Angels and St Louis Arch Angels in 2010.
None of the seed investors are currently named on Galera’s website, though GCV records indicate that they were at the time.