The total capital raised by the company now stands at $446m, following a $386m series A/A-1 financing announced in November 2024.
The series B round was led by OrbiMed and SR One, with the Longwood Fund joining as a new investor.
Avenzo co-founder, president and CEO Athena Countouriotis said: “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.”
Existing investors, including Foresite Capital, Lilly Asia Ventures, Surveyor Capital, New Enterprise Associates, Deep Track Capital, Sofinnova Investments, Sands Capital, INCE Capital, TF Capital, Delos Capital, and Quan Capital, also contributed to this round.
Countouriotis added: “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 programmes.”
Avenzo is developing “next-generation” oncology therapies, with a focus on small molecules and antibody-drug conjugates (ADCs).
The company’s lead drug candidate, AVZO-021, is a novel CDK2 inhibitor undergoing a Phase I trial for advanced solid tumours and HR+/HER2- metastatic breast cancer. AVZO-023, a CDK4 inhibitor, is in a Phase I/II study for similar indications.
The company’s ADC portfolio includes AVZO-1418, an EGFR/HER3 bispecific ADC currently in a Phase I/II trial for advanced solid tumours.
Additionally, Avenzo is preparing for a Phase I/II study of its second ADC, AVZO-103, targeting Nectin4/TROP2. It is slated to commence in 2025 for patients with advanced solid tumours.