NEW YORK – Xilis on Wednesday closed a $19 million Series A financing extension, raising a total of $89 million in the round.
The Series A extension was led by new investor FPV Ventures and included participation from another new investor Alexandria Venture Investments and existing investors EQT Life Sciences, Mubadala Capital Management, Pear Ventures, GV, the Duke Angel Network, Catalio Capital Management, Two Sigma Ventures, Felicis Ventures, Alix Ventures, and others. The initial $70 million Series A round, which closed a year ago, was led by Mubadala Capital.
Xilis, based in Durham, North Carolina, will use the funding to advance its tumor organoid platform, called MicroOrganoSphere. The platform can facilitate precision oncology drug discovery by recreating the microenvironment and immune interactions in a patient-derived tumor model. The platform can also be used in the clinic to identify the best treatments for patients.
"Despite unprecedented market conditions in the biotech sector, we raised this extension at a step-up valuation and from several of the most reputable global investors," Xilis Founder and CEO Xiling Shen said in a statement. "Our investors are strongly encouraged by the progress we have made in building diagnostic programs that predict patient response and achieving significant traction in partnered drug discovery and development."
Earlier this year, Xilis joined the cancer drug discovery-focused public-private consortium Oncode-PACT, led by the Netherlands-based Oncode Institute.