Loading organizations...

§ Private Profile · San Diego, CA, USA
Clinical-stage biotechnology company developing fluorescent imaging agents for real-time cancer detection in oncology surgery.
Avelas Biosciences is a clinical-stage biotechnology company based in San Diego, California, that develops fluorescent imaging agents for real-time cancer detection during surgery. The firm's lead product candidate, pegloprastide, is a drug-device combination designed to illuminate cancerous tissue during oncology procedures such as breast cancer lumpectomies. Operating with fewer than 25 employees, the enterprise has secured over $50 million in total venture funding across multiple financing rounds to advance its ongoing clinical trials. This capital has been provided by a syndicate of institutional and strategic healthcare investors, including Avalon Ventures, Advent Life Sciences, and WuXi PharmaTech. The company recently received an FDA Fast Track designation for its primary imaging agent following positive data from Phase 2 and Phase 3 clinical evaluations. Avelas Biosciences was founded in 2009 by Nobel laureate Roger Tsien and Kevin Kinsella.
Avelas Biosciences has raised $35.5M across 4 funding rounds.
Avelas Biosciences has raised $35.5M in total across 4 funding rounds.
Avelas Biosciences is a clinical-stage biotechnology company developing pegloprastide (AVB-620), a novel drug-device combination product designed to enable real-time detection of cancer tissue during surgery, particularly for breast cancer.[1][2][3] The product targets oncologic surgeons by providing fluorescence-image guided surgery (FIGS), illuminating cancerous margins to improve surgical precision, reduce reoperations, and enhance patient outcomes in cancer procedures.[1][2] It serves patients with breast cancer and potentially other solid tumors, addressing the critical problem of incomplete tumor resection during surgery, where undetected margins lead to recurrence risks.[1][2][3] As of recent updates, Avelas has advanced AVB-620 into Phase 2 trials, initiated dosing in 2018, and received FDA Breakthrough Therapy designation, signaling strong growth momentum toward regulatory approval.[1][4]
Avelas Biosciences emerged from groundbreaking technology invented by Roger Y. Tsien, Ph.D., the 2008 Nobel Laureate in Chemistry, specifically his activatable cell-penetrating peptide (ACPP) platform that activates in response to cancer-specific enzymes.[1][2] Founded in La Jolla, California, the company leveraged this Nobel-inspired innovation to create proprietary versions of the Avelas Cancer Illuminator™ (ACI) optimized for human use, paired with a companion imaging system.[2] Early leadership included Carmine J. Mancini, Ph.D., who served as President and CEO while at Avalon Ventures, driving initial development and clinical progression.[4] Pivotal moments include dosing the first patient in Period 2 of the Phase 2 breast cancer study in 2018 and securing Breakthrough Therapy designation from the FDA, underscoring rapid traction in oncology.[1][4]
Avelas rides the wave of precision oncology and intraoperative imaging, where advancements in fluorescence-guided surgery address longstanding challenges in tumor margin detection amid rising cancer surgery volumes.[1][2] Timing is ideal as minimally invasive techniques and real-time diagnostics gain traction, fueled by market forces like aging populations, increasing breast cancer incidence, and demand for outcome-improving tools that cut healthcare costs from reoperations.[2][3] By pioneering FIGS with ACPP technology, Avelas influences the ecosystem, potentially setting a benchmark for surgical oncology innovations and enabling companion diagnostics from device partners.[2]
Avelas is poised to complete Phase 2 data readouts and advance toward Phase 3 trials or pivotal studies for AVB-620, with Breakthrough designation fast-tracking potential approval as a breast cancer surgery standard.[1][4] Trends like AI-enhanced imaging and multi-omics integration could amplify its platform's reach to other solid tumors, while partnerships for commercialization will shape scalability.[2][3] Its influence may evolve from niche innovator to ecosystem leader, transforming cancer surgery outcomes and validating Nobel tech in clinic—echoing its origins in Tsien's luminous legacy.[1][2]
Avelas Biosciences has raised $35.5M in total across 4 funding rounds.
Avelas Biosciences's investors include Andrei Petrov, Avalon Ventures, Alexandria Venture Investments, Bregua Corporation, Ervington Investments, WuXi Healthcare Ventures, Torrey Pines Investment, WuXi AppTec, Nikolay Savchuk.
Avelas Biosciences has raised $35.5M across 4 funding rounds. Most recently, it raised $20.0M Series C in August 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Aug 1, 2016 | $20M Series C | Andrei Petrov | Avalon Ventures, Alexandria Venture Investments, Bregua Corporation, Ervington Investments, WuXi Healthcare Ventures | Announced |
| Sep 10, 2014 | $550K Series B Plus | — | Avalon Ventures, Torrey Pines Investment, WuXi AppTec | Announced |
| Jan 1, 2014 | $7M Series B | Avalon Ventures | Nikolay Savchuk, WuXi AppTec | Announced |
| Dec 1, 2012 | $8M Series A | Avalon Ventures | — | Announced |