A trio of venture capital investors have reaffirmed their commitment to ARMO BioSciences by backing a $30m Series B financing round.
Kleiner Perkins Caufield & Byers, OrbiMed and DAG Ventures took part in the round, which was led by NanoDimension.
The venture capital trio provided $20m to ARMO in a Series A round in November last year.
ARMO is developing immunotherapy treatments for solid cancer tumours, fibrosis and inflammatory diseases.
President and chief executive Peter Van Vlasselaer said, “This financing validates both management’s ability to execute on ARMO’s strategic objectives and the potential of our immunotherapy compound AM0010, which is currently in clinical development for the treatment of solid tumors.
“We intend to use the Series B funding to complete several expansion cohorts of our Phase 1 study of AM0010, including drug combination cohorts designed to evaluate the safety and tolerability of AM0010 in combination with standard of care and with other immunotherapy drugs.
“We expect results from the dose escalation part of the study by mid-2014.”
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