San Diego-based Avelas Biosciences has announced the closing of $6.85 million in Series B financing that will go toward funding the advancement of its fluorescent peptide designed to illuminate cancer cells.
The latest financing brings the total funds raised since inception to about $14 million. The financing was led by a founding investor in the company, Avalon Ventures, joined by new investors Torrey Pines Investment, WuXi AppTec, and an additional unnamed investor.
Dr. Jay Lichter, managing partner for Avalon Ventures, said the company's cancer illuminator technology offers an objective and quantitative approach to oncologic surgical imaging that cannot be achieved using conventional techniques.
The new financing round, he added, could propel AVB-620 development one step closer to accurately visualizing cancer in real-time for patients.
"AVB-620 will enable surgeons to identify cancerous tissue during the surgical procedure, addressing a key unmet need in the oncologic surgery space," Carmine Stengone, CEO of Avelas, said. "This capability will allow surgeons to make real-time decisions that will improve patient treatment and lead to significant cost savings by reducing surgical time and the number of re-operations."