Pyxis Oncology raises $152m in Series B round for cancer therapies

Pyxis Oncology, a Boston-based biotech company, has raised $152 million in a Series B financing round co-led by Arix Bioscience and RTW Investments.

The company is developing antibody-drug conjugates (ADCs), immunotherapies, and other biologics for the treatment of difficult-to-treat cancers.

Pyxis Oncology’s Series B round also saw the participation of additional new investors – Perceptive Advisors, Pfizer Ventures, RA Capital Management, Janus Henderson Investors, BVF Partners, LifeSci Venture Partners, and others.

Its existing Series A investors – Leaps by Bayer, Agent Capital, Longwood Fund, and Ipsen also took part in the funding round.

To date, the US biotech company, which was founded by Longwood Fund, has raised $174 million.

Pyxis Oncology raises $152m in Series B round for cancer therapies. Photo courtesy of Markus Winkler from Pixabay.

Christian Schetter – Managing Director of Arix Bioscience said: “We are pleased to lead this funding round for Pyxis. Our investment reflects our enthusiasm for the strength of both the management team and the Company’s diverse pipeline of biologics, which have the potential to make a meaningful difference for patients.

“Immuno‑oncology (I/O )and ADCs represent two of the most promising strategies for treating cancer and we look forward to supporting this team of industry veterans as they build on their history of advancing groundbreaking therapies for patients suffering from difficult-to-treat cancers.”

Pyxis Oncology will use the proceeds from the Series B round for progressing its ADCs – PYX-201 and PYX-203, which are both in-licensed from Pfizer, and PYX-202, which was in-licensed recently from LegoChem Biosciences.

Besides, the American biotech company will continue advancing its I/O pipeline to target a wide range of therapeutic indications.

Lara Sullivan – CEO of Pyxis Oncology said: “We are grateful for the support of these highly sophisticated investors as we strive to improve the lives of patients with difficult-to-treat cancers by progressing a diverse portfolio of potentially groundbreaking ADCs and immunotherapies.

“This financing strengthens our ability to build a differentiated portfolio of biologics and allows us to accelerate our efforts to advance multiple promising programs into Phase 1 clinical trials.”