Avelas Biosciences Inc., a San Diego-based cancer diagnostic company, announced the closing of the second tranche of its Series B financing bringing the total funds raised in the round to $7.4 million.
Participants in the financing included founding investor, Avalon Ventures, as well as existing investors Torrey Pines Investment, WuXi PharmaTech Investments and additional unnamed investors.
The funds will be used to support ongoing development of the Avelas Cancer Illuminator candidate, AVB-620, through a first-in-human study in breast cancer surgery patients.
“This series B financing reflects the commitment and enthusiasm of our investors and the promise of Avelas’ technology,” said Carmine Stengone, president and CEO of Avelas Biosciences. “Avelas has made great progress in the advancement of AVB-620 and the near-term initiation of our first clinical study will be an important milestone.”
AVB-620, a fluorescent peptide conjugate, has the potential to deliver a real-time intraoperative cancer diagnosis in the form of a luminous map, providing surgeons with enough information to make decisions about tumor and metastatic lymph node excisions during the first surgery as opposed to waiting for the results of limited pathology reports. In pre-clinical testing, the in vivo accuracy of AVB-620 is greater than 95 percent.
Avelas Biosciences is a biotechnology company focused on developing fluorescent technologies for cancer treatments.