Abalos Therapeutics raises additional funding
German drug developer Abalos Therapeutics today announced an extension to its Series A funding round, bringing the total raised in this round to 43 million euros ($50 million).
The 32.5 million euros extension was led by Seventure Partners with support from Coparion, Ventura BioMed Investors and Hx Bio Ventures as well as contributions from existing investors from the initial Series A round including Boehringer Ingelheim Venture Fund (BIVF), Gründerfonds Ruhr, NRW.BANK and High-Tech Gründerfonds (HTGF).
The financing underscores the potential of Abalos’ differentiated immuno-virotherapy approach to generate a maximal immune response specifically targeted against a patient’s cancer and its metastases. The proceeds will enable the company to advance its first product candidate into a Phase I/II trial in multiple solid tumors including the expansion cohorts to demonstrate early signs of clinical efficacy as well as fund further pipeline expansion, the company said.
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