A biopharmaceutical company which develops personalised therapies for tumours has raised £52.7m.

Stevenage-based Achilles raised the funds in an oversubscribed Series C financing.

OrbiMed, Boxer Capital of Tavistock Group, and other prominent US-based, healthcare-focused institutional investors join existing investors including RA Capital, Syncona, Forbion, Invus, Perceptive Advisors and Redmile Group.

The new capital will accelerate its R&D activities and further build the clinical network to support multiple ongoing trials.

In addition, the financing will enable the continued build out of Achilles’ manufacturing capabilities and broaden its pipeline of solid tumour pre-clinical product candidates.

“Achilles has made tremendous progress since its founding in 2016, and with this financing round we are further strengthening our outstanding syndicate with more leading US healthcare investors. I am delighted with this strong support for our innovative platform, team, and ambitious development strategy,” said Dr. Iraj Ali, CEO of Achilles Therapeutics.

“As we progress our two lead programmes in non-small cell lung cancer and melanoma through clinical trials, we believe that our personalised T cell therapy approach has the potential to transform how certain cancers are treated, bringing much needed novel cancer therapies to patients.”