Avenzo secures $60 million Series B funding; entire pipeline acquired from Chinese biotechs

On September 22, Avenzo Therapeutics, Inc. ("Avenzo"), a clinical-stage biotechnology company developing next-generation oncology therapies, today announced the closing of a $60 million Series B financing. This funding, which follows Avenzo's $386 million Series A/A-1 financing announced in November 2024, brings the total capital raised to $446 million. The proceeds will be used to support the advancement of Avenzo's pipeline of potential best-in-class oncology drug candidates.

The Series B financing was led by OrbiMed and SR One, with participation from new investor Longwood Fund. All existing investors, including Foresite Capital, Lilly Asia Ventures, Surveyor Capital (a Citadel company), New Enterprise Associates (NEA), Deep Track Capital, Sofinnova Investments, Sands Capital, INCE Capital, TF Capital, Delos Capital, and Quan Capital, participated in this financing.

"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," said Athena Countouriotis, M.D., Co-founder, President and CEO of Avenzo. "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."

Source: Avenzo

Avenzo's pipeline includes several acquired assets:

AVZO-021 & AVZO-023: A CDK2 inhibitor and a CDK4 inhibitor, respectively, acquired from Allorion Therapeutics.

AVZO-1418: An EGFR/HER3 bispecific ADC acquired from Duality Biotherapeutics.

AVZO-103: A Nectin-4/TROP2 bispecific antibody-drug conjugate (ADC) acquired from VelaVigo.