Arix Bioscience PLC said on Oct. 1 that it invested $11m to co-lead a $58m Series A round with Sofinnova Ventures for San Diego-based VelosBio Inc., which is developing novel antibody-drug conjugates (ADCs) to treat hematologic malignancies and solid tumors. (Also see "Incubator Addition: Arix CIO On Why Fund Added VelosBio To Portfolio " - Scrip, 1 October, 2018.) Pappas Ventures, Chiesi Ventures and prior VelosBio investors Takeda Ventures and Decheng Capital also participated in the round. The capital will be used for nonclinical development to advance the company's programs into clinical studies. VelosBios CEO Dave Johnson was the CEO of Calquence (acalabrutinib) developer Acerta Pharma BV when it was sold to AstraZeneca PLC in 2015 for up to $7bn. (Also see "AstraZeneca In Buy Now, Pay In Full Later Deal For Majority Acerta Stake " - Scrip, 17 December, 2015.)

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