Cancer drugmaker Enlibrium announced that it has raised $15 million in a Series A financing.

The round was co-led by Avalon Ventures and TPG Biotech, with participation from Correlation Ventures and Osage University Partners.

Enlibrium, which is located in COI Pharmaceuticals (Avalon's “Community of Innovation” in San Diego), is developing novel drugs based on the anti-cancer activity of metformin. The financing is expected to provide a long enough cash runway to advance Enlibrium's lead compounds through Phase 1 clinical trials, according to a recent news release.

The technology has been exclusively licensed from University of California, Los Angeles, and was developed in the laboratories of Michael Jung and Dr. Richard Pietras. Jung also contributed to development of prostate cancer drugs Xtandi from Astellas and Medivation and ARN-509 from Aragon Pharmaceuticals (acquired by Johnson & Johnson).

In conjunction with the financing, Dr. Heather Preston, partner and managing director of TPG Biotech, and Jay Lichter, partner at Avalon Ventures and president and CEO of COI Pharmaceuticals, will both join Enlibrium’s board of directors.