BRIEF—VelosBio raises $58 million in series A round

Oncology biotech VelosBio has raised $58 million in a series A investment round led by London-listed Arix Bioscience. Arix has committed to investing $11 million for an 11.2% stake in the company.

VelosBio is focused on developing novel antibody-drug conjugates (ADCs) to treat hematological cancers and solid tumors.

Chief executive David Johnson said: "The proceeds from the series A will enable us to drive VelosBio's business forward ambitiously as we approach our next stage of growth and development. VelosBio will also be strengthened by Arix's extensive global networks and deep industry knowledge.”