Yale spinout Arvinas has added cash to its coffers as it prepares oncological treatments for forms of prostate and breast cancer.

Arvinas, a US-based oncological drug developer based on Yale University research, has closed a $55m series C round led by fund management firm Nextech Invest.

Healthcare-focused investment firms OrbiMed and Deerfield Management also provided funding, as did Hillhouse Capital, Sirona Capital, Canaan Partners, 5AM Ventures, RA Capital Management and New Leaf Venture Partners.

Arvinas is developing oncological drugs branded Protac that cause the biological proteins responsible for cancer to degrade by targeting a pathway called the ubiquitin-proteasome system.

The approach may offer greater potency than alternative oncological drugs and therefore reduce the danger of significant toxicity or drug resistance  because of the amount of medication administered.

Arvinas is based on research by Craig Crews, professor of molecular, cellular and developmental biology with joint appointments in Yale’s chemistry and pharmacology departments.

The capital will enable Arvinas to push its two lead assets, which target castration-resistant prostate cancer and ER+ positive breast cancer.  Arvinas  hopes to eventually adapt Protac to combat other treatment-resistant conditions.

Jakob Loven, partner at Nextech Invest, will join the Arvinas board of directors. Arvinas has now raised approximately $116m in funding.

The total includes $19.3m received in 2013, $15m of which came from a series A round co-led by Canaan and 5AM that included Elm Street Ventures and state-owned venture fund Connecticut Innovations.

The Connecticut government provided the remaining $4.3m, $1m of which was equity. Arvinas later closed a $41.6m series B round in 2015, with contributions from Canaan, 5AM, RA Capital, OrbiMed and New Leaf.

John Houston, president and chief executive of Arvinas, said: “With this additional financial support from existing and new investors who believe in our innovative protein degradation platform, we will continue executing on our strategy of progressing our lead programs to the clinic, expanding the use of the platform outside of oncology, and tackling undruggable targets.”