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ARTICLE | Financial News

VCs recapitalize Cleave around next-gen molecule

Cleave’s investors believe retooled cancer therapy can avoid off-target toxicity that doomed predecessor

August 7, 2019 7:30 PM UTC

Seven of the 10 investors in Cleave Therapeutics' existing syndicate have agreed to recapitalize the company with a new $12 million round, with which Cleave will test a second-generation cancer compound following a toxicity snag for the company's first-generation version.

Formerly known as Cleave Biosciences Inc., the protein homeostasis company had raised about $80 million since its inception in 2011. By the time of its 2016 series B round, its first-in-class VCP inhibitor CB-5083 had reached clinical testing in both hematologic malignancies and solid tumors...