US-based biotechnology company Avenzo Therapeutics has secured $150m in a Series A-1 financing round to progress its oncology pipeline.

The funding round attracted nine new investors with New Enterprise Associates, Deep Track Capital, Sofinnova Investments and Sands Capital leading the round.

Other new investors were INCE Capital, TF Capital, Delos Capital and Quan Capital.

The latest capital infusion brings the funds raised by the company since its inception in August 2022 to $347m.

The Series A-1 funding will support the advancement of Avenzo’s emerging oncology pipeline and its lead asset, AVZO-021.

A cyclin-dependent kinase 2 (CDK2) selective inhibitor, AVZO-021 is being analysed in a Phase I clinical trial in the US for hormone receptor-positive/human epidermal growth factor receptor 2-negative (HR+/HER2-) metastatic breast cancer and other solid tumours.

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Avenzo has appointed Sofinnova Investments’ private equity executive partner Jakob Dupont to its board of directors.

Avenzo co-founder, president and CEO Athena Countouriotis stated: “The team at Avenzo has made great progress over the past 18 months since formation on our mission to advance the next generation of oncology therapies for patients.

“With the support of our new and existing investors, including OrbiMed, Foresite Capital, SR One, Lilly Asia Ventures and Surveyor Capital (a Citadel company), we are in a strong position to advance our potentially best-in-class CDK2 inhibitor, AVZO-021, expand our pipeline with additional assets, and continue to grow our team.”

Avenzo’s commitment to oncology innovation is further exemplified by its recent exclusive licensing agreement with Allorion Therapeutics.

The agreement, signed in January 2024, granted Avenzo rights for the global development and marketing of AVZO-021, excluding Greater China.

Avenzo also secured an exclusive option for another preclinical programme, with an investigational new drug application submission anticipated early in 2025.