Avenzo Therapeutics, a biotechnology company focused on developing new cancer treatments, has announced the closing of a $60 million Series B funding round. This latest investment follows a previous $386 million raised through its Series A and A-1 rounds in late 2024, bringing the company’s total funding to $446 million. The funding will be used to push forward Avenzo’s pipeline of experimental cancer drugs, which aim to be more effective and targeted than current therapies.
The Series B round was led by OrbiMed and SR One, two well-known healthcare investment firms. A new investor, Longwood Fund, also joined the round. In addition, all of Avenzo’s existing backers participated again, showing strong continued support. These include prominent names like Foresite Capital, Lilly Asia Ventures, Surveyor Capital (part of Citadel), New Enterprise Associates, Deep Track Capital, Sofinnova Investments, Sands Capital, INCE Capital, TF Capital, Delos Capital, and Quan Capital.
Avenzo is still in the clinical stage, meaning its drug candidates are being tested in human trials but are not yet approved for widespread use. The company’s goal is to develop next-generation oncology therapies that enhance outcomes for patients and provide new options where current treatments are insufficient. With this new funding, Avenzo plans to accelerate research, expand clinical trials, and move closer to bringing its therapies to market.
KEY QUOTE:
“We are excited to add Longwood to our syndicate and are grateful to all of our investors for their continued partnership as we strive to develop oncology therapies that help fight cancers with high unmet medical needs. Avenzo has made tremendous progress this year as we have advanced our pipeline from one to four clinical stage assets. This Series B financing enables us to build on this momentum as we continue the development of our potential best-in-class oncology programs.”
Athena Countouriotis, M.D., Co-founder, President and CEO of Avenzo
