Press Release October 27, 2011

Goodwin Advises Cancer Treatment Biopharm Company Cleave Biosciences in $42 Million Financing

Goodwin Procter represented Cleave Biosciences in its $42 million Series A financing from investors U.S. Venture Partners5AM VenturesClarus VenturesOrbiMed Advisors and Astellas Venture Management. Based in Burlingame, CA, Cleave Biosciences is a biopharmaceutical company discovering and developing novel therapies for cancer. The financing will support multiple small molecule discovery and development programs in the area of protein homeostasis.

“We foresee a future when the majority of cancer patients will be treated based on the molecular profile of their tumors, regardless of whether the cancer invades the lung, pancreas, liver or elsewhere,” said Cleave CEO Laura Shawver, Ph.D. “We believe this therapeutic approach ultimately stacks the odds in favor of the patient, the physician, as well as the payor.”

Dr. Shawver, a cancer survivor herself, has more than 25 years of experience in the development of small molecule drugs for cancer and other serious diseases. Prior to joining Cleave, she was the Entrepreneur in Residence at 5AM Ventures. She is also the Founder of The Clearity Foundation, a not-for-profit organization dedicated to providing access to molecular profiling for ovarian cancer patients to optimize their treatment options.

“We are pleased to have represented Cleave in its Series A financing and believe the company’s novel scientific approach presents exciting prospects in the challenging area of cancer therapeutics. Cleave is well positioned with an experienced scientific and management team and support from prominent life sciences investors,” said Maggie Wong, a partner in Goodwin’s Life Sciences Practice.

The Goodwin deal team was led by Wong.