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Arvinas raises $55M to advance cancer drugs

BY John Stearns

4/5/2018
Photo | Contributed
Photo | Contributed
Arvinas CEO John Houston
New Haven biotech company Arvinas LLC, which is creating a new class of cancer drugs based on protein degradation, said Wednesday it has raised $55 million.

The company will use the funding to develop its cancer treatment, which targets disease-causing proteins using the body's own protein disposal system.

Arvinas is targeting the androgen receptor for castration-resistant prostate cancer and the estrogen receptors tied to certain breast cancers.

In addition, Arvinas will use the funds to advance its early-stage oncology and central nervous pipeline and other efforts.

The financing round was led by Nextech Invest, with participation from Deerfield Management, Hillhouse Capital and Sirona Capital (an affiliate of Hillhouse Capital).

Earlier investors also participated in the latest round, including Canaan Partners, 5AM Ventures, RA Capital Management, OrbiMed and New Leaf Venture Partners.

"This past year has been exciting for us with two clinical candidate nominations, the expansion of our collaboration with Genentech and the announcement of a new collaboration with Pfizer," said John Houston, president and CEO of Arvinas.

In connection with the financing, Jakob Loven, partner with Nextech Invest, will join the Arvinas board of directors.