Tolero Pharmaceuticals, a developer of treatments for oncology and hematologic diseases, has closed the second tranche of its Series B financing, bringing the total amount raised to $22.4 million. The round was led by Fred Alger Management. Proceeds will support the further development and commercialization of Tolero’s lead program, alvocidib, which is being developed for the treatment of acute myeloid leukemia; the biopharm plans to initiate Phase 3 clinical trials of alvocidib in patients with AML in 2015. Proceeds will also contribute to the ongoing advancement of the company’s preclinical pipeline. Tolero raised $3.3 million of Series A funding at a $27 million valuation in 2012.