Fortis Therapeutics, a US-based developer of cancer immunotherapies based on University of California, San Francisco (UCSF) research, completed a $40m series A round on Monday.
The cash came from Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly, as well as spinout-focused venture capital firm Osage University Partners, Avalon Ventures, Bregua Corporation, Vivo Capital, Fulcrum 2020 and Myeloma Investment Fund.
Founded in 2016, Fortis is working on antibody drug conjugates (ADCs) based on technology created by Bin Liu, a professor in UCSF’s Department of Anesthesia, that has been licensed from the institution.
Avalon Ventures led an $18m round for Fortis the same year that was also described as a series A, investing alongside Lilly Asia Ventures, Osage University Ventures, Bregua Corporation and Vivo Capital.
The proceeds from the latest round will fund the progress of the company’s lead product candidate, FOR46, into clinical trials for relapsed or refractory multiple myeloma and metastatic castration-resistant prostate cancer.
Fortis president and chief executive Jay Lichter said: “Our existing investors and new investors, the Myeloma Investment Fund and Fulcrum 2020, see the promise of FOR46 ADC therapy that could help patients where other treatments have failed.
“Our preliminary clinical data is very exciting, and we are actively advancing our clinical studies in prostate cancer and multiple myeloma and pursuing additional indications.”

Fortis Therapeutics, a US-based developer of cancer immunotherapies based on University of California, San Francisco (UCSF) research, completed a $40m series A round on Monday.

The cash came from Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly, as well as spinout-focused venture capital firm Osage University Partners, Avalon Ventures, Bregua Corporation, Vivo Capital, Fulcrum 2020 and Myeloma Investment Fund.

Founded in 2016, Fortis is working on antibody drug conjugates (ADCs) based on technology created by Bin Liu, a professor in UCSF’s Department of Anesthesia, that has been licensed from the institution.

Avalon Ventures led an $18m round for Fortis the same year that was also described as a series A, investing alongside Lilly Asia Ventures, Osage University Ventures, Bregua Corporation and Vivo Capital.

The proceeds from the latest round will fund the progress of the company’s lead product candidate, FOR46, into clinical trials for relapsed or refractory multiple myeloma and metastatic castration-resistant prostate cancer.

Fortis president and chief executive Jay Lichter said: “Our existing investors and new investors, the Myeloma Investment Fund and Fulcrum 2020, see the promise of FOR46 ADC therapy that could help patients where other treatments have failed.

“Our preliminary clinical data is very exciting, and we are actively advancing our clinical studies in prostate cancer and multiple myeloma and pursuing additional indications.”