INCE Capital portfolio company, Avenzo
Therapeutics, Inc. (“Avenzo”), a clinical-stage biotechnology company
developing next-generation oncology therapies, announced the closing of a $60
million Series B financing on September 22, 2025. This funding, which follows
Avenzo’s $386 million Series A/A-1 financing announced in November 2024, brings
the total capital raised to $446 million. The proceeds will be used to support
the advancement of Avenzo’s pipeline of potential best-in-class oncology drug
candidates. INCE Capital continued to invest in this round.
“We are excited to add Longwood to our
syndicate and are grateful to all of our investors for their continued
partnership as we strive to develop oncology therapies that help fight cancers
with high unmet medical needs,” said Athena Countouriotis, M.D., Co-founder,
President and CEO of Avenzo. “Avenzo has made tremendous progress this year as
we have advanced our pipeline from one to four clinical stage assets. This
Series B financing enables us to build on this momentum as we continue the
development of our potential best-in-class oncology programs.”
The Series B financing was led by OrbiMed
and SR One, with participation from new investor Longwood Fund. All existing
investors, including Foresite Capital, Lilly Asia Ventures, Surveyor Capital (a
Citadel company), New Enterprise Associates (NEA), Deep Track Capital,
Sofinnova Investments, Sands Capital, INCE Capital, TF Capital, Delos Capital,
and Quan Capital, participated in this financing.
About Avenzo Therapeutics
Avenzo Therapeutics is a clinical-stage biotechnology company focused on
developing next-generation oncology therapies for patients. The company’s
pipeline includes potential best-in-class small molecules and antibody-drug
conjugates (ADCs). Avenzo’s small molecule inhibitors, AVZO-021 and AVZO-023,
are novel, highly potent and selective inhibitors of CDK2 and CDK4,
respectively, which are key enzymes involved in cell cycle regulation.
AVZO-021, the company’s lead drug candidate, is being studied in a Phase 1
study for the treatment of advanced solid tumors and in combinations in
HR+/HER2- metastatic breast cancer. AVZO-023 is being studied in a Phase 1/2
study for the treatment of advanced solid tumors and in combinations in
HR+/HER2- metastatic breast cancer. Avenzo’s first ADC drug candidate,
AVZO-1418, is a potential best-in-class, EGFR/HER3 bispecific ADC that is being
studied in a Phase 1/2 study for the treatment of advanced solid tumors.
Avenzo’s second ADC drug candidate, AVZO-103, is a potential best-in-class,
Nectin4/TROP2 bispecific ADC. The company plans to initiate a Phase 1/2 study
for AVZO-103 in 2025 in patients with advanced solid tumors. Avenzo is
headquartered in San Diego, California.
