The series C round featured Alphabet and Celgene, and will help Armo advance therapies for patients who have not responded to current immuno-oncology treatments.
US-based biotechnology company Armo Biosciences closed a $50m series C round yesterday backed by pharmaceutical firm Celgene and GV, the corporate venturing unit of conglomerate Alphabet.
The corporates invested alongside Kleiner Perkins Caufield & Byers (KPCB), OrbiMed, DAG Ventures, NanoDimension, HBM Healthcare Investments, Industrial Investors Group and undisclosed private funds advised by Clough Capital Partners.
Founded in 2012, Armo is working on cancer treatments aimed at patients whose tumours have shown resistance to current immunotherapies.
The company will use the funding to support the first of several phase 2/3 clinical trials for its lead drug candidate, which makes a tumour more receptive to immunotherapies, and to advance its pipeline.
NanoDimension previously led a $30m series B round for Armo in 2014 that was supported by KPCB, DAG and OrbiMed. In 2013, KPCB led a $20m series A round backed by DAG and OrbiMed.
