Cleave Biosciences has secured the backing of New Enterprise Associates, which has provided $10m as part of the biotech company’s Series A round.
This brings the total Series A funding raised by Cleave to $54m.
US Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors, Astellas Venture Management and Osage University Partners participated in the round in 2011, contributing a combined $44m.
The funding will be used for Cleave’s cancer drug discovery and development.
Larry Lasky, partner at US Venture Partner, said, “Cleave’s approach of attacking cancer heterogeneity has rapidly moved from an academic idea to preclinical proof-of-concept and there’s a reasonably high probability that the company’s development programs will result in new therapeutics for patients with difficult-to-treat tumors.”
New Enterprise currently has more than $13bn of committed capital including its $2.6bn 14th fund closed in 2012.
Last month it was reported that New Enterprise was planning to invest up to 15 per cent of last year’s largest venture capital fund in China by targeting healthcare and IT.
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