California, USA-based clinical biotechnology company, Avenzo Therapeutics raises USD 150 Million in the funding. The company announced the fundraise on March 26, 2024.
The total capital raised since the company’s inception in August 2022 is USD 347 million. The financing round includes nine new investors. New Enterprise Associates (NEA), Deep Track Capital, Sofinnova Investments, and Sands Capital led the company’s financing. Meanwhile, additional new investors, such as INCE Capital, TF Capital, Delos Capital, and Quan Capital, joined in the fundraising. As a part of the deal, Jakob Dupont, M.D., Executive Partner, Private Equity, Sofinnova Investments, will join the Avenzo Board of Directors.
Purpose of financing for Avenzo Therapeutics
AVZO-021, a potentially best-in-class cyclin-dependent kinase 2 (CDK2) selective inhibitor under investigation in an ongoing Phase 1 clinical study based in the United States for the treatment of HR+/HER2-metastatic breast cancer and other advanced solid tumours, is at the forefront of Avenzo’s emerging oncology pipeline, which the company hopes to advance with the latest proceeds.
What the company’s official has to add
Athena Countouriotis, M.D., Co-founder, President and CEO of Avenzo, said, “The team at Avenzo has made great progress over the past 18 months since formation on our mission to advance the next generation of oncology therapies for patients. With the support of our new and existing investors, including OrbiMed, Foresite Capital, SR One, Lilly Asia Ventures and Surveyor Capital (a Citadel company), we are in a strong position to advance our potentially best-in-class CDK2 inhibitor, AVZO-021, expand our pipeline with additional assets, and continue to grow our team.”
What the investors have to comment
Jakob Dupont, M.D., Executive Partner, Private Equity, Sofinnova Investments, said, “We see significant opportunity with AVZO-021 and this team to advance potential best-in-class therapies for some of the most pressing needs in oncology today. I have been impressed by the progress Avenzo has made to date and look forward to supporting Athena and the Board as they advance their emerging oncology pipeline and grow their promising company.”
About Avenzo Therapeutics, Inc.
The San Diego, California-based clinical-stage biotechnology company Avenzo Therapeutics is focused on creating the next wave of oncology therapies for patients. Its lead drug candidate, AVZO-021, is a unique, highly potent, and selective inhibitor of CDK2, a crucial enzyme involved in cell cycle regulation. AVZO-021 is currently being studied in a Phase 1 study in the United States for the treatment of advanced solid tumours.
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