Cleave Biosciences Raises $10M in Series A Financing from New Enterprise Associates
Summary
Cleave Biosciences, a Burlingame, California-based developer of novel small molecule therapies for difficult-to-treat cancers, raised $10m in an extension of its Series A financing from new investor New Enterprise Associates (NEA).The company intends to use the capital, which brings its Series A total to $54m, to move its lead program into clinical trials and advance its second discovery program.Led by Laura Shawver , Ph.D., CEO, the company is discovering novel drugs that affect protein degradation pathways.Its lead program is discovering small molecules that target p97, a central player in the ubiquitin proteasome and autophagy pathways that are involved in controlling protein degradation.In conjunction with the financing, NEA partner Robert Garland , M.D., has joined Cleave Biosciences’ board of directors.