Avelas Biosciences, a US-based biotechnology company focused on developing fluorescent technologies that advance a new standard-of-care for cancer surgery, has closed a $6.85m tranche of a series B financing round, bringing the total funds raised since inception to approximately $14m. The financing was led by founding investor, venture capital firm Avalon Ventures, joined by new investors, life-science investment company Torrey Pines Investment, WuXi AppTec, a China and US-based contract researcher for the pharmaceutical, biotech and medical device industries, and an additional unnamed investor.
The funds will be used to support ongoing development of the Avelas Cancer Illuminator (ACI) candidate, AVB-620, through first-in-patient study.
Dr Jay Lichter, managing partner for Avalon Ventures, who has been appointed board chairman, said: “ACI technology offers an objective and quantitative approach to oncologic surgical imaging that cannot be achieved using conventional techniques, which lack sensitivity and are prone to artifacts.”