Moscow, August 18, 2016 – Pharmstandard International, S.A., led the the Series C financing which raised $20 million in new funds for Avelas Biosciences. Along with Pharmstandard International, S.A., the syndicate included other new investors Ervington Investments Limited, and Alexandria Equities, LLC, as well as existing investors Avalon Ventures, Bregua Corporation, and WuXi Healthcare Ventures.
Avelas Biosciences, Inc., is a clinical stage oncology-focused company dedicated to improving cancer patient care from diagnosis through treatment. The proceeds from Series C financing will be used to advance AVB-620, a “cancer illuminator,” into late-stage clinical trials, and to develop new targeted therapeutics for cancer, as well as for general corporate purposes.
In conjunction with the financing, Andrei Petrov, Ph.D, the chief executive officer and managing partner at Inbio Ventures, has joined Avelas Bioscience’s board of directors. At the same time, Kevin Kinsella and Nikolay Savchuk will be stepping down as directors of the company.
“I am delighted to have some of the world’s most prominent healthcare investors participate in our Series C financing, led by Pharmstandard,” said Carmine N. Stengone, president and chief executive officer of Avelas Biosciences. “Strengthened by this fundraising, I believe Avelas is well-positioned to further the development of AVB-620 and advance new therapeutic candidates – two exciting product opportunities that could make meaningful contributions to cancer diagnosis and treatment.”
Avelas’ core technology takes advantage of cancer’s inherent biochemical pathology to deliver cargo, either therapeutic or imaging, to the cancer site. The first product candidate, AVB-620, is a fluorescent, cancer-illuminating probe that “lights up” when it interacts with cancer cells. The purpose of AVB-620 is to enable cancer surgeons to distinguish between tumor and healthy tissue during surgery. AVB-620 may be able to offer the necessary real-time information needed by surgeons to visualize and excise cancerous tissue while they operate, avoiding the need for additional surgeries.
About Avelas Biosciences
Avelas Biosciences is a San Diego-based biotechnology company focused on developing technologies that advance a new standard-of-care for cancer surgery and therapeutic intervention. The company’s lead product candidate, AVB-620, is in a Phase 1b trial in breast cancer to assess safety, pharmacokinetics, and fluorescence properties using tissue image analysis. Avelas was founded by Avalon Ventures on technology from Nobel laureate Roger Y. Tsien, Ph.D. For additional information, please visit www.avelasbio.com.