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Elephas Biosciences Raises $41.5M in Series B Funding

NEW YORK – Elephas Biosciences on Tuesday closed a $41.5 million Series B funding round, led by Arch Venture Partners.

New investors in this funding round included Moore Strategic Ventures and Tao Capital Partners, with contributions from existing investors Northpond Ventures, Sands Capital, and WARF Ventures. Concurrent with the financing, Paul Berns, managing director at Arch Venture Partners, will join Elephas' board of directors and Keith Crandell, Arch cofounder, will join as a board observer.

Elephas, based in Madison, Wisconsin, will use the funding to advance its diagnostic platform to predict response to immunotherapy, called Cybrid. The platform uses fragments of patients' tumor biopsies to test different immunotherapy treatments and combinations and analyzes response using multi-modal imaging.

Before the end of the year, Elephas plans to initiate two clinical trials evaluating the platform. The firm also plans to make the platform available to researchers in 2023. Earlier this year, Elephas presented proof-of-concept data on the platform's ability to analyze tumor fragments at the American Association for Cancer Research annual meeting.

In September 2021, Elephas raised $20 million in Series A funding, and prior to that raised $8 million in seed funding.