Avenzo gets additional $150 million financing

26 March 2024

US clinical-state biotech Avenzo Therapeutics today announced the closing of an oversubscribed $150 million Series A-1 financing, bringing the total capital raised since the San Diego-based company’s founding in August 2022 is $347 million.

Included in the new round are nine new investors. It was led by New Enterprise Associates (NEA), Deep Track Capital, Sofinnova Investments, and Sands Capital, with participation from additional new investors, including INCE Capital, TF Capital, Delos Capital, and Quan Capital.

Proceeds from the financing will be used to advance Avenzo’s emerging oncology pipeline which is led by AVZO-021, a potentially best-in-class cyclin-dependent kinase 2 (CDK2) selective inhibitor being studied in an ongoing USA-based Phase I clinical study for the treatment of HR+/HER2- metastatic breast cancer and other advanced solid tumors.

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