GV has supported the initial tranche of a $75m series A round for Forty Seven, an immuno-oncology spinout of Stanford University.
US-based cancer therapy developer Forty Seven obtained the first half of a $75m series A round yesterday from a consortium featuring GV, the corporate venturing arm of conglomerate Alphabet.
The round was co-led by Lightspeed Venture Partners and Sutter Hill Ventures and also featured Clarus Ventures. The investors have committed to providing the full amount, though details on conditions for the final close have not been revealed.
Forty Seven officially launched yesterday as a spinout of Stanford University, from which it has licensed several programs, including more than 100 issued and pending US and foreign patents that cover, among other antibodies, the company’s lead drug candidate.
Forty Seven is developing a range of immunotherapies and currently has a lead candidate in two phase 1 clinical trials. The drug is able to prevent tumours from sending certain signals that stop the body’s own immune system from targeting the cancerous cells.
The company will use the funding to complete the two trials, launch additional trials this year and advance other candidates towards an investigational new drug application with US regulator Food and Drug Administration.
Forty Seven previously secured $30m in funding from the California Institute for Regenerative Medicine to support preclinical development, according to Xconomy. Ludwig Cancer Research also provided funding, through further details have not been disclosed.
Jonathan MacQuitty, chief executive of Forty Seven, said: “Forty Seven has hired a strong management team with deep industry experience.
“I feel confident that this combined team along with the support we have from our series A investors and our scientific founders will enable us to fully explore the clinical utility of our lead molecule and the licensed technology.”
– This story first appeared on our sister site Global Corporate Venturing.
