Electra Therapeutics has raised $84m in a Series B funding round to advance the clinical development of its lead product candidate ELA026.

The financing round was led jointly by Westlake Village BioPartners and OrbiMed with investors including Redmile Group, Cormorant Asset Management and Cowen Healthcare Investments.

RA Capital and New Leaf Venture Partners also took part in the funding round.

Funded earlier by Star Therapeutics, its parent company, Electra is developing a pipeline of new treatments that act on signal regulatory proteins (SIRP).

By acting on specific SIRP proteins to reduce targeted pathological immune cells, the company is adopting an approach to involve SIRP beyond the existing treatment development efforts in cancer.

A monoclonal antibody, ELA026 possesses this new mechanism of action and is being analysed in Phase I clinical trials.

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It acts on SIRP present on the myeloid and T cell surface and reduces pathological immune cells.

It is also being evaluated for treating a life-threatening hyperinflammatory ailment, secondary hemophagocytic lymphohistiocytosis (sHLH).

The company is also progressing ELA026 in various other immunological diseases. 

In addition to ELA026, Electra’s pipeline comprises preclinical programmes in immunology and immuno-oncology areas.

The company intends to use the funds to progress ELA026 in trials for sHLH and various other immunological diseases. 

Furthermore, the proceeds will be used to progress an additional SIRP-targeting preclinical pipeline programme in immunology and the company’s immuno-oncology platform that uses SIRP to boost targeted tumour cell depletion.

Electra Therapeutics CEO and co-founder Adam Rosenthal said: “Our team has made rapid progress advancing our lead product candidate, ELA026, from an idea to the clinic in less than three years and we are excited by each of our three pipeline programmes targeting numerous diseases with significant unmet need.”