ADC developer VelosBio raises $58M series A

VelosBio Inc. (San Diego, Calif.) raised $58 million in its series A round on Oct. 1, according to co-lead investor Arix Bioscience plc (LSE:ARIX). Also participating were co-lead investor Sofinnova Ventures; new investors Pappas Ventures and Chiesi Ventures; and existing investors Takeda Ventures and Decheng Capital.

Founded in 2017, VelosBio is developing a pipeline of antibody-drug conjugates to treat hematological cancers and solid tumors. The company said the series A round will allow it to complete preclinical work and begin clinical studies of its lead programs...