KPCB, IDG-Accel invest $10m in China's EntreMed
KPCB China and IDG-Accel China have agreed to invest $10.7 million in EntreMed, a clinical-stage pharma company that develops drugs in the US and China for global release.
EntreMed will sell 4.5 million shares of common stock plus warrants to purchase a further 2.2 million shares to the two VC players. The investment will be channeled through KPCB's second China fund, which closed in 2011 at $250 million, and IDG-Accel China Growth Fund III, a 2011 vintage vehicle worth $550 million.
"We are very pleased to have the support of this group of strategic investors. We intend to use the net proceeds from this offering to advance our clinical development plan, including additional trials for ENMD-2076, and for general corporate purposes," said Dr. Ken Ren, EntreMed's CEO.
The company focuses on cancer treatments and ENMD-2076, its lead compound, is an angiogenic kinase inhibitor, which prevents the formation of new blood vessels in order to stop or slow the spread of tumors.
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