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Cleave Biosciences raises $42 million in Series A financing

Tuesday, October 11, 2011 02:39 PM

Cleave Biosciences, a newly established biopharmaceutical company discovering and developing novel therapies for cancer, has raised $42 million in Series A financing.

Series A investors include U.S. Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors and Astellas Venture Management. The financing will support multiple small molecule discovery and development programs in the area of protein homeostasis, which are currently undergoing lead identification and optimization.

"Given the current large unmet need in oncology, developing drugs that target biological mechanisms and pathways that have so far received scant attention will be critical to helping patients. Protein homeostasis remains one of the last underexplored territories for harvesting new drugs to treat cancer," notes Larry Lasky, Ph.D., partner at U.S. Venture Partners and director of Cleave Biosciences."

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