ARMO BioSciences, Inc., a clinical-stage biotechnology company, today announced it raised $30 million in a Series B private financing led by NanoDimension. Existing investors Kleiner Perkins Caufield & Byers, OrbiMed and DAG Ventures also participated in the round.
“This financing validates both management’s ability to execute on ARMO’s strategic objectives and the potential of our immunotherapy compound AM0010, which is currently in clinical development for the treatment of solid tumors,” said Peter Van Vlasselaer, Ph.D., president and chief executive officer of ARMO. “We intend to use the Series B funding to complete several expansion cohorts of our Phase 1 study of AM0010, including drug combination cohorts designed to evaluate the safety and tolerability of AM0010 in combination with standard of care and with other immunotherapy drugs. We expect results from the dose escalation part of the study by mid-2014.”