"This financing demonstrates our investors’ confidence in our approach to developing novel antibody therapeutics for life-threatening conditions,” said William Rohn, CEO and Vice Chairman of Raven. “We are pleased with the addition of a quality group of new investors as well as the continued support of our existing investors. With these proceeds we will be able to aggressively move forward the clinical development program for RAV12 for gastrointestinal cancers as well as conduct pre-clinical work for a second product candidate. We have retained worldwide rights to RAV12 and expect to pursue strategic partnerships centered around our discovery platform on both a regional and global basis in the near future.”

Raven will use the funding for the ongoing RAV12 clinical development program, pre-clinical development of its second product, and general corporate purpose.

"We believe RAV12 has the potential to be a promising new therapy for GI cancers that affect millions of patients," said Michael Kranda, Managing Director at Vulcan Capital and new board member of Raven. "We are confident that Raven's approach will lead to additional new therapeutics for other cancers as well.