In the packed oncolytic virus space, a German biotech with a unique approach makes investors reach deeper into their wallets
When Abalos Therapeutics closed its $12 million Series A round two years ago, the company was essentially “two guys, a key and one room,” CEO Marcus Kostka jokes.
Now, the startup is 13 employees large, with an arenavirus-based cancer program nearly ready for the clinic. And that, according to investors, warrants a bit more cash.
Abalos locked down a $37.6 million Series A extension on Thursday, bringing its total raise to nearly $50 million. Seventure Partners led the round, with some help from new investors Coparion, Ventura BioMed Investors, and Hx Bio Ventures. A few players from the initial round also reached a little deeper into their wallets, including the Boehringer Ingelheim Venture Fund (BIVF), Gründerfonds Ruhr, NRW.BANK and High-Tech Gründerfonds (HTGF).
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