Arvinas raises $41.6M in series B

Arvinas LLC (New Haven, Conn.) raised $41.6 million in a series B round led by new investor RA Capital. New investors OrbiMed Advisors and New Leaf Venture Partners also participated, as did existing investors Canaan Partners; 5AM Ventures; Elm Street Ventures; and Connecticut Innovations.

Arvinas' proteolysis-targeting chimera (PROTAC) technology uses bifunctional small molecules to label specific proteins for degradation. The company said it plans to advance a preclinical pipeline of targeted degraders into the clinic to treat cancer (see BioCentury, Oct. 28, 2013). ...