Biotech Startup Oncorus Raises $79.5 Million

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Cambridge, MA based startup Oncorus announced it raised new funding to develop a next-generation immunotheraphy platform of oncolytic viruses to treat several types of cancers.

The startup announced it has raised $79.5 million in Series B funding from lead investors Perceptive Advisors and Cowen Healthcare Investments. Supporting investors in this round includes Arkin Bio Ventures, UBS Oncology Fund, Surveyor Capital, MPM Capital, Astellas Venture Management, Celgene Corp., Deerfield Management Company, IMM Investment, QUAD Investment Management, and Sphera Funds Management.

Between its two most recent fundraising rounds, Oncorus has raised $ 140.5 million.

The startup plans to use its new funding to advance its ONCR-177 virus candidate into clinical use in early 2020. It also intends to forward its synthetic virus platform, which repeats intravenous administration of oncolytic virus for cancer treatments, particularly lung cancer.

In addition to the funding, Oncorus announced that Trillium Therapeutics Executive Chairman Robert L. Kirkman, M.D. and KSV Global Managing Partner have been placed on Oncorus’ Board of Directors.