Cleave raises $37M in series B

Cleave Biosciences Inc. (Burlingame, Calif.) raised $37 million in a series B round. New investors Celgene Corp. (NASDAQ:CELG), Nextech Invest and Arcus Ventures joined existing investors 5AM Ventures, Clarus, New Enterprise Associates, OrbiMed Advisors, U.S. Venture Partners, Astellas Venture Management and Osage University Partners.

Cleave's lead product is CB-5083, a selective inhibitor of valosin containing protein ( VCP; p97) that is in two Phase I studies to treat solid tumors and lymphoid hematologic malignancies. Spokesperson Lauren Fish declined to disclose timelines for the program. ...