Dive Brief:
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Startup immuno-oncology company Forty Seven Inc. has announced it has completed the first half of a committed $75 million financing round to pursue promising new lines of cancer treatment.
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The financing includes participation from GV, formerly Google Ventures.
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The Palo Alto, CA-based company also has licensed the rights to several immuno-oncology programs from nearby Stanford University, where research on new cancer treatments helped lead to the startup.
Dive Insight:
In a news release announcing the deal, Forty Seven says it "is committed to the advancement of immuno-oncology through the engagement of new and complementary phagocytic pathways that enhance anti-tumor efficacy and selectivity." It's focusing on treatments that attack human CD47, a molecule on the surface of many tumors that helps resist attacks from macrophages, a type of scavenging white blood cell.
Work on anti-CD47 treatments has been the focus of a group of Stanford scientists for years, and now that work has matured to a point worthy of a spin-off company to bring their approaches to clinical studies and trials. Among the investors is GV, which became an independent venture capital firm as part of Google's recent reorganization.
“Forty Seven has hired a strong management team with deep industry experience. I feel
confident that this combined team along with the support we have from our Series A investors
and our scientific founders will enable us to fully explore the clinical utility of our lead molecule
and the licensed technology,” Jonathan MacQuitty, the new CEO of Forty Seven Inc., said in a news release.