Elucida Oncology announced it has closed a $44 million Series A-1 financing. The company previously raised $28 million in a Series A round in 2018, bringing the total investment in the company to $72 million. Proceeds from the financing will be used to complete IND enabling studies for the company’s lead C’Dot-Drug-Conjugates (CDC) program, expand the management team and laboratory capabilities, and generate additional pre-clinical efficacy data in several tumor models.
Elucida’s breakthrough ultra-small CDC’s are novel therapeutics formulated to substantially increase the concentration of highly potent drugs in difficult to treat tumors with minimal systemic exposure due to their unique Target or Clear properties. CDCs are designed to enable precise tumor targeting and deep tumor penetration resulting in enhanced efficacy with reduced off-target toxicity, thereby addressing the limitations of antibody-drug-conjugates and more traditional drug carriers.
Elucida expects to move the lead CDC therapeutic candidate into the clinic in the second half of 2021.