Effector Therapeutics announced Tuesday that it has raised $40 million in venture financing, putting the San Diego biotech on track to enter the clinic with a Phase 1/2 study of its lead cancer drug.

The financing was led by Altitude Life Science Ventures, along with AbbVie Biotech Ventures and BioMed Ventures. All of Effector's existing investors participated, including Abingworth, Novartis Venture Fund, SR One, The Column Group, US Venture Partners, Astellas Ventures, Osage University Partners and Mission Bay Capital.

This new round brings Effector, founded in 2012, to a total of $95 million in raised capital.

The funds will support a Phase 1/2 trial that will evaluate daily oral administration of the company’s lead drug candidate, called eFT508, in patients with advanced solid tumors. The Series B proceeds will fund multiple expansion arms for eFT508 in solid tumors and lymphoma, as well as advancing the company’s second program into the clinic, according to a press release.

In conjunction with the financing, Effector has appointed Dave Maki, managing partner of Altitude Life Science Ventures, to its board of directors.

The company’s CEO, Steve Worland, was previously CEO of Anadys Pharmaceuticals, which was purchased by Roche for $230 million in 2011. John Carroll, a reporter at Fierce Biotech, reported that Worland intends to keep Effector’s assets in-house this time around, holding off on any partnering activity until the company can build more value and position itself for combination deals with other companies, leaving the main asset unencumbered.