China biopharma player gets $25m Series B
CANbridge Life Science, a Beijing-based clinical-stage biopharmaceutical company focused on developing Western drug candidates in China and North Asia, has raised a Series B round worth $25 million.
Beijing-based life science specialist Lapam Capital led the financing round, joined by other investors including Qiming Venture Partners, Yuanming Capital, Yanyuan Capital, Biossom Investment Management and WuXi AppTec. The round brings the company’s total funding to over $40 million, including a $10 million Series A round led by Qiming in 2014.
Through partnerships with Western biopharma companies, CANbridge licenses drugs, medical devices or diagnostic products that are either unavailable in mainland China, Taiwan, and South Korea, or address underserved medical needs in the region.
In November 2013, the company signed an exclusive licensing agreement with US-based Azaya Therapeutics to develop compounds for lung cancer treatment in China. CANbridge has also obtained distribution rights from EUSA Pharma, a subsidiary of Ireland-based Jazz Pharmaceutical, to commercialize Caphosol, a mouth rinse product.
The net proceeds will be used to fund the clinical trial development of CANbridge’s lead compounds, which are used to treat different cancer diseases. The company also plans to pursue more strategic partnerships with foreign companies.
“These funds will bolster CANbridge’s financial position and strategy to build a pipeline of leading candidates in solid-tumor oncology in China,” James Xue, chairman and CEO of the company, said in a statement.
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