Avelas Biosciences is a San Diego, California-based clinical-stage oncology-focused company dedicated to improving cancer patient care from diagnosis through treatment. Its lead product, AVB-620, is a cancer illuminator currently in a Phase 1b trial in breast cancer to assess safety, pharmacokinetics and fluorescence properties using tissue image analysis. The company was founded by Avalon Ventures on technology from Nobel laureate Roger Y. Tsien and is led by president and chief executive officer Carmine N. Stengone. Avelas is focused on advancing AVB-620 toward later-stage clinical development and on developing new targeted therapeutics for cancer. The company intends to use recent financing proceeds to push AVB-620 into late-stage clinical trials and for general corporate purposes. Avelas Biosciences is advancing the Avelas Cancer Illuminator (ACI) technology and its lead candidate AVB-620, a fluorescent peptide conjugate intended to provide real-time intraoperative cancer diagnosis. The company aims to give surgeons a luminous map to guide tumor and metastatic lymph node excisions during the initial surgery instead of waiting for limited pathology reports. ACI leverages increased activity of protease enzymes in tumors and metastases and was pioneered by Nobel Prize winner Roger Y. Tsien, Ph.D. AVB-620 is being advanced through a planned first-in-human study in breast cancer surgery patients. Carmine Stengone serves as president and CEO. The company is using recent financing to support ongoing development of AVB-620. Avelas Biosciences develops fluorescent technologies to advance care for cancer surgery, with a lead candidate called the Avelas Cancer Illuminator (AVB-620). AVB-620 is a fluorescent peptide designed to deliver a real-time intraoperative cancer diagnosis as a luminous map to inform surgical decisions during the first operation. The company reports preclinical in vivo accuracy for AVB-620 of greater than 95% and expected the candidate to enter clinical studies in 2014. Avelas intends to use the newly raised funds to support ongoing development of AVB-620 through a first-in-patient study. The financing activity brought total funds raised since inception to $14M. The company is based in San Diego. Avelas Biosciences is a San Diego–based developer of fluorescent technologies aimed at improving cancer surgery. The company has developed the Avelas Cancer Illuminator (ACI), a fluorescent peptide and imaging approach that marks cancerous lymph nodes by changing color in response to elevated protease activity. When used with a fluorescence imaging camera system during surgery, ACI superimposes a color-coded image of cancerous tissue onto the normal surgical view to guide real-time surgical decisions. Avelas was founded on technology generated by Roger Tsien, Ph.D., and is led by CEO Jay Lichter, Ph.D. The company is funded by Avalon Ventures and recently closed a Series A financing. It intends to use the capital to advance ACI toward clinical studies for visualization of cancerous lymph nodes in breast cancer patients.

Total raised

$35M

Funding rounds

4

Latest round

Series C

Latest activity

Aug 2016