US-based cancer-focused biotech company Galera Therapeutics yesterday increased its series B round, backed by pharmaceutical firms Novo and Novartis, to $57m following a $15m extension provided by Sofinnova Ventures.
Galera previously achieved a second close in February 2016 thanks to a $5m extension provided by Enso Ventures.
In October, Novo’s corporate venturing unit Novo Ventures led a $37m first close. Novartis participated in that tranche through its investment arm Novartis Venture Fund, alongside New Enterprise Associates (NEA), Correlation Ventures and Galera Ventures.
Galera is working on treatments that prevent the side effects of chemotherapy. Its lead drug candidate is aimed at oral mucositis in head and neck cancer patients, a condition that can cause pain and infections as well as prevent patients from consuming food or drinks.
The extension will support a preparation of Galera’s lead candidate for phase 3 trials. The treatment is currently undergoing a phase 2b clinical trial. The money will also go towards further pipeline development.
Mike Powell, general partner at Sofinnova, will join Galera’s board of directors.
Previously, Galera received $4.7m in funding in 2014, according to a securities filing. Novartis Venture Fund and NEA co-led an $11m series A round in 2012, while Correlation also took part.
In 2010, 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.
These investors are not currently named on Galera’s website, though GCV records show that they were at the time.