BioCentury
ARTICLE | Finance

De-risking first in class

A novel cancer target in validated pathway attracted VCs to Cleave's syndicate

August 15, 2016 7:00 AM UTC

Cleave Biosciences Inc. has steered clear of non-dilutive partnership dollars in hopes of internally validating the profile of its first-in-class cancer therapeutic CB-5083. Now, the biotech has attracted a cadre of new investors in last week's $37 million series B round, which should allow Cleave to generate clinical data for the selective inhibitor of valosin containing protein (VCP; p97) in a host of tumor types.

Celgene Corp. (NASDAQ:CELG) and Nextech Invest led the round and were joined by fellow new investor Arcus Ventures and existing investors 5AM Ventures, Clarus, New Enterprise Associates, OrbiMed Advisors, U.S. Venture Partners, Astellas Venture Management and Osage University Partners...