US-based cancer treatment developer Oncorus closed a $79.5m series B round yesterday that included pharmaceutical firms Celgene and Astellas, the latter through subsidiary Astellas Venture Management.
The oversubscribed round was co-led by Cowen Healthcare Investments and Perceptive Advisors and included UBS Oncology Impact Fund and Shinhan Investment-Private Equity, representatives of financial services firms UBS and Shinhan.
MPM Capital – which also backs UBS Oncology Impact Fund – also took part, as did Deerfield Management, Arkin Bioventures, Surveyor Capital, Sphera Funds, IMM Investment, Quad Investment Management, UTC Investment and SV Investment Corp.
Oncorus is developing oncolytic viruses to treat solid cancer tumours by activating the body’s immune system. It intends to advance its lead product candidate, ONCR-177, into clinical trials early next year.
Theodore Ashburn, Oncoru’s president and CEO, said: “Oncolytic virus therapies have the potential to transform outcomes for cancer patients.
“We intend to use the proceeds from this oversubscribed financing to support our advancement of novel, proprietary intratumoral and intravenous approaches with the goal of addressing severe unmet medical needs in oncology.”
The company closed its series A round at $61m in 2016, after Astellas Venture Management added $4m to a $57m first close featuring Celgene.
MPM Capital led the first tranche, investing out of Oncology Impact Fund as well as its MPM BV2014 and SunStates Fund vehicles, along with Deerfield Management, Arkin Bio Ventures, Excelyrate Capital and Long March Investment Fund.
