Madison-based biotech firm raises $41.5 million

Last updated on September 6th, 2022 at 02:08 pm

Madison-based Elephas Biosciences Corp. announced Monday the completion of a $41.5 million Series B funding round. The round was led by Chicago-based ARCH Venture Partners with continued investment by Madison-based WARF Ventures. Elephas’ past investments include $20 million from the company’s Series A round and $8 million from founder and early seed investors.

Elephas is developing an oncology diagnostics platform that can predict response to immunotherapy. The platform uses live fragments from a patient biopsy and treats those fragments with potential therapies and combinations. The latest advances in cancer biology combined with multi-modal imaging are used to assess how patients will respond before beginning treatment.

“Our mission at Elephas is to improve care for cancer patients,” said Maneesh Arora, founder and CEO of Elephas. “We are grateful for the support of these world-class venture firms who believe in what we are doing and are committed to helping us get there.”

Elephas is launching two human clinical trials on the platform in the next quarter and plans to share initial clinical data in 2023. The company also plans to make the platform available to biopharma researchers next year.

“Technology that will allow patients to receive the most effective therapy quickly, before time and resources are spent on ineffective options, will change the game for those diagnosed with cancer,” said Paul Berns, managing director at ARCH Venture Partners. “We are excited to partner with the company to bring this novel solution to patients.”

Ashley covers startups, technology and manufacturing for BizTimes. She was previously the managing editor of the News Graphic and Washington County Daily News. In past reporting roles, covering education at The Waukesha Freeman, she received several WNA awards. She is a UWM graduate. In her free time, Ashley enjoys watching independent films, tackling a new recipe in the kitchen and reading a good book.

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