US-based pharmaceutical company Avidity NanoMedicines has raised $6m in a series B round featuring Brace Pharmaceuticals, an investment subsidiary of pharmaceutical firm EMS.
The round was co-led by TPG Biotech, the life sciences venture unit of private equity firm TPG, and Fidelity Biosciences, the venture capital subsidiary on behalf of mutual fund manager Fidelity, and also included investment firms Partner Fund Management and Alethea Capital Management.
Avidity NanoMedicines develops drugs to treat cancer. The new capital will be used to support the advancement of new therapies that utilise the company’s antibody-targeted technology.
The latest round adds to $9.1m that was raised in February, as detailed in an SEC filing.