Biotech startup Galera Therapeutics, which was founded in St. Louis and still has its research and development arm in the area, announced Wednesday that it has secured $150 million in new funding. The company raised $70 million in a venture capital round and $80 million through a royalty purchase agreement.
Clarus Ventures, based in Cambridge, Massachusetts, led the round and was the sole investor in the royalty agreement.
Galera is developing a drug that has shown promise reducing side effects of radiation treatment for cancer patients. The company was founded in St. Louis in 2009, and it moved to Pennsylvania in 2011.
The company has previously raised more than $78 million in venture capital, including early funds from BioGenerator and the St. Louis Arch Angels, both of St. Louis, and ABC Laboratories of Columbia. Cultivation Capital, based in St. Louis, was another early investor.