San Diego-based Phanes Therapeutics, a developer of immuno-oncology drugs, has raised $40M in its Series B funding round. The funding was led by Sequoia Capital China, and also included the company other investors. Names of the other investors were not announced by the company. According to the company, the new funding will be used to advance several preclinical programs to clinic, expand the research and clinical teams, and support the advancement of research projects. Ming Wang, PhD/MBA is CEO of Phanes Therapeutics. The company said it is discovery and development of biologic drugs in oncology and eye diseases.