UC San Francisco spinout Fortis Therapeutics has closed an $18m series A round backed by Osage University Partners and an investment subsidiary of Eli Lilly.
Fortis Therapeutics, an immuno-oncology biotechnology spinout of University of California San Francisco, closed an $18m series A round yesterday that included Osage University Ventures, an investment fund backed by a multitude of institutions.
Avalon Ventures led the round, while Lilly Asia Ventures, a regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly, Bregua Corporation and Vivo Capital also took part.
Fortis Therapeutics is working on antibody drug conjugate treatments targeting late-stage metastatic, castrate-resistant prostate cancer and multiple myeloma.
The approach is based on research conducted by Bin Liu, professor at UC San Francisco’s Department of Anesthesia. Fortis was spun out by UC San Francisco’s tech transfer arm Office of Innovation, Technology and Alliances.
Fortis is being incubated by COI Pharmaceuticals, the incubator of Avalon Ventures.
Eric Small, clinical professor of medicine and urology at UC San Francisco, was appointed to head the spinout’s scientific board. Small also serves as chief of the university’s Division of Hematology and Oncology in the Department of Medicine and is deputy director of the Helen Diller Family Comprehensive Cancer Center.
Jay Lichter, president and chief executive of Fortis and of COI , as well as managing director of Avalon, said: “Dr Liu has identified a novel and unique target for an antibody drug conjugate therapy that could help patients with prostate cancer or multiple myeloma where other treatments have failed.
“We are pleased to be working with an enterprising and diverse syndicate of investors, who have shown a dedication to investing in innovative ideas for important unmet medical needs.”
