Formation Biologics Inc., a clinical stage biopharmaceutical company, has raised undisclosed amount in Series B funding led by HBM Healthcare Investments. The Series B serves as a match for Formation Biologics’ previously announced CPRIT cancer drug development grant.
Toronto/Montreal/Austin, Texas based Formation Biologics, formerly AvidBiologics Inc., has been backed by Lumira Capital and MaRS Innovation.
Formation Biologics has commenced a multi-center, Phase I/IIa trial evaluating AVID100 in patients with epidermal growth factor receptor (EGFR)-expressing malignancies. The trial commenced at South Texas Accelerated Research Therapeutics in San Antonio, Texas.
The Series B funding will support the development of the company’s two lead programs, AVID100 and AVID200, through clinical validation.
Formation Biologics has also announced that Anthony W. Tolcher M.D., FRCPC FACP, one of the foremost clinical drug development experts, has been elected as a new member of its board of directors.
“With these achievements in place, we are well-positioned to successfully execute on our clinical development programs. I look forward to reporting on clinical progress of AVID100 and AVID200, as well as the advancement of additional candidates from our promising early-stage portfolio,” said Ilia Tikhomirov, CEO of Formation Biologics.