Ascenta Therapeutics Inc. has raised $30 million in a first tranche of Series C financing, and said it will receive another $20 million upon the satisfaction of specific milestones.

The round was led by two investment funds managed by Perseus LLC. All existing investors participated, including Domain Associates, Sofinnova Ventures, Enterprise Partners Venture Capital, Scale Venture Partners, and US Venture Partners.

Proceeds from the Series C financing will be used to advance AT-101, an oral pan-Bcl-2 inhibitor, through Phase 2 clinical trials in several cancers and to advance Ascenta's pipeline programs to the clinic. Ascenta told VentureWire last year after Phase 1 trials of AT-101 were successful that it planned to begin raising a Series C in the third quarter of last year.

Once the San Diego-based company has received the full amount of the Series C, its funding will stand at $85.5 million. The company, founded in 2003, raised a $30 million Series B round in 2005.

Norman Selby, Senior Managing Director at Perseus, has joined the Ascenta board.