Arix Bioscience PLC (LON:ARIX) has noted portfolio company VelosBio Inc has completed an oversubscribed Series B financing of US$137mln.

The proceeds will be used to further advance the clinical development of the VelosBio lead antibody-drug conjugate (ADC), VLS-101, and support the continued expansion of its pipeline of ROR1-directed next-generation ADCs and bispecific antibodies. 

Jonathan Tobin, Arix’s managing director and a VelosBio board director said: “Our strategy in oncology is to support a diverse portfolio of companies using novel and high potential approaches to treat cancer.

“We are pleased to be involved in this syndicate of high calibre investors and look forward to continuing to work with the VelosBio leadership team as they further advance the clinical development of their lead compound, VLS-101.”

New investors participating in the Series B financing round included Adage Capital Management, Cormorant Asset Management, Farallon, Foresite Capital, Janus Henderson Investors, Logos Capital, OrbiMed, funds and accounts advised by T. Rowe Price Associates, Venrock Healthcare Capital Partners, Viking Global Investors, and Wellington Management, said VelosBio.

They are joining existing investors Arix, Decheng Capital, Pappas Capital, Sofinnova Ventures, and Takeda Ventures.