US-based cancer drug developer Oncologie has completed an $80m series B round co-led by Nan Fung Life Sciences, a subsidiary of property developer Nan Fung.
Nan Fung co-led the round with Pivotal BioVentures China, a life sciences investment vehicle funded by Nan Fung. It included investment firm Panacea Venture’s Healthcare fund and private equity firm Korea Investment Partners.
Founded in 2018, Oncologie is working on three clinical-stage cancer drugs to treat different forms of the disease, including gastric cancer. The company’s biomarker platform evaluates the tumour microenvironment of each patient in order to assign them the right medicine.
The series C capital will allow Oncologie to pick up additional licences and support further development of its biomarker platform.
The company plans to use the cash to advance three development assets, including Bavituximab, an immune-modulating monoclonal antibody that targets phosphatidylserine, a phosphate-containing lipid believed to hinder the immune response to cancer.
Bavituximab will soon undergo a proof-of-concept study in gastric cancer in combination with an existing cancer medication, Keytruda, developed by pharmaceutical firm Merck and Co.
Lefitolimod is an agonist to the TLR9 receptor, whose activity is believed slow in oncogenic virus-produced cancers, while Varisacumab is an antibody that modulates vascular endothelial growth factors, a signal protein responsible for generating blood vessels that can be hijacked to propagate cancerous tumours.
Pivotal BioVenture Partners led Oncologie’s $16.5m seed round in June 2018, investing together with Nan Fung Life Sciences, China Merchant Bank and Volcanics Ventures. The company does not appear to have revealed details of any series A funding.