Another young biotech firm is raking in the capital.
Gaithersburg, Md.-based Arcellx has closed on an $85 million Series B funding round as it looks to fight cancer.
Arcellx has what it calls an intelligent cell therapy technology platform. It developed a type of immune cell (ARC-T) that is reprogrammed in a body using a tumor-targeting protein called sparX. The goal is to better control the engineered immune cells, improving the safety of immunotherapies.
The company is using the funds raised to advance the ARC-T and sparX programs, including development of a multiple myeloma therapy and leukemia treatment. The multiple myeloma therapy is beginning clinical testing in coming months, President and CEO David Hilbert said in a statement.
“As impressive as conventional CART therapies have been, their safety and efficacy profiles are challenged by severe toxicities, high rates of relapse and challenging target selection in the solid tumor setting," he said. "The ARC-T and sparX platform addresses these concerns."
Arcellx also plans to back programs in earlier stages for solid tumors and other diseases.
New investors Aju IB and Quan Capital co-led the round, joined by Mirae Asset Venture Investment, Mirae Asset Capital, LG Technology Ventures, JVC Investment Partners and Clough Capital Partners. Existing investors Novo Holdings, SR One Limited, Takeda Ventures and Chevy Chase-based New Enterprise Associates also contributed to the investment.
As part of the Series B round, Aju IB partner Hugo Beekman and Quan Capital partner Lewis Williams will join the Arcellx board of directors.
The financing includes $41.8 million that Arcellx secured in August, according to SEC filings, which followed a Series A round in 2017 for undisclosed terms.
Hilbert has a healthy track record of successful biotech companies. He guided Rockville-based Human Genome Sciences for eight years before it sold to GlaxoSmithKline in a $3 billion deal. He was also vice president of research at Gaithersburg antibody company Cellective Therapeutics, which MedImmune acquired in 2005, and more recently was the director of D.C.-based Zyngenia.
Arcellx isn't the only Greater Washington biotech making big moves in the investment department. MedImmune spinoff Viela Bio completed a $75 million Series B funding round in June before filing to go public, and Bioenergy DevCo raised $106 million in August – Maryland's biggest funding deal so far this year.
