Cleave Biosciences Raises $42M in Series A Financing

Cleave Biosciences, a Burlingame, California-based newly established biopharmaceutical company discovering and developing novel therapies for cancer, has raised $42m in Series A financing.

Investors include U.S. Venture Partners, 5AM Ventures, Clarus Ventures, OrbiMed Advisors and Astellas Venture Management.

The company plans to use the funds to support its multiple small molecule discovery and development programs in the area of protein homeostasis, which are currently undergoing lead identification and optimization.

Cleave Biosciences was co-founded by Raymond Deshaies, Ph.D., Seth Cohen, Ph.D. and Francesco Parlati, Ph.D. Its management team includes CEO Laura Shawver, Ph.D. and President and CSO Mark Rolfe, Ph.D.

In conjunction with the funding, Dennis Henner, Ph.D., Managing Partner at Clarus Ventures, Larry Lasky, Ph.D., Partner at U.S. Venture Partners, Andrew J. Schwab, Managing Partner at 5AM Ventures, Peter Thompson, M.D., Cleave Biosciences Founder and Venture Partner at OrbiMed Advisors, and Dr. Shawver, will join the company’s board of directors.

FinSMEs

11/10/2011