Galera Therapeutics said today that it landed $15 million for its severe oral mucositis treatment, bringing its Series B financing total to $57 million. Sofinnova Ventures led the round, joining existing investors New Enterprise Associates, Novartis Venture Fund, Novo Ventures, Correlation Ventures, Enso Ventures and Galera Angels.
The Malvern, Penn.-based company said the proceeds will be used to prepare its lead candidate for phase III registration studies. The treatment, GC4419, is in a randomized, placebo-controlled phase IIb clinical trial to study its impact on severe oral mucositis in head and neck cancer patients undergoing chemo-radiation therapy. The funds will also be used to fund the development of its pipeline of selective dismutase mimetics.
“This investment by Sofinnova is a further endorsement of Galera’s team, technology and clinical data generated to date, and of the promise of our dismutase mimetics to transform cancer treatment,” Galera president & CEO Dr. J. Mel Sorensen said in prepared remarks. “We look forward to expanding our development programs and demonstrating the utility of our technology in treating patients with cancer.”
“Sofinnova Ventures has been intrigued for some time in Galera’s scientific approach and thoughtful clinical development program,” Sofinnova general partner Mike Powell added. Galera also said that Powell will join the company’s Board of Directors. “I am personally excited to support Galera and work with Mel Sorensen and his team again.”
“We are very pleased to welcome Mike to our Board of Directors,” Dr. Sorensen said. “His experience and long history of success in biotech is well known and we look forward to his advice and input on our technology and development programs.”