Oncorus raises $79.5m to develop solid tumor cancer drug

Cambridge biotech Oncorus Inc. said Wednesday that it raised $79.5 million from new and existing investors to develop a new cancer treatment.

Oncorus said this second round of funding for the startup was led by New-York based investment firms Cowen Healthcare Investments and Perceptive Advisors, along with investors from the previous round of financing including Cambridge-based MPM Capital.

The company plans to use the funds to bring a drug that targets solid tumors found in different types of cancers — including breast, skin, and liver cancers — to clinical trial in early 2020.

“Oncolytic virus therapies have the potential to transform outcomes for cancer patients,” said Ted Ashburn, chief executive of Oncorus.

Allison Hagan can be reached at allison.hagan@globe.com. Follow her on Twitter @allisonhxgan.

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