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Connect Biopharma’s total capital pool nears the US$200 million mark
U.S.- and China-based clinical-stage biopharmaceutical company Connect Biopharma has completed a fundraise of US$115 million in a Series C round, the company announced in a statement yesterday.
The round was led by U.S.-based multi-stage investment manager RA Capital Management, the statement said. Principal at RA Capital Management Derek DiRocco will be joining Connect Biopharma’s Board of Directors.
Further, China-headquartered Lilly Asia Ventures, U.S. biotech investment fund Boxer Capital, and Swiss healthcare investor HBM Healthcare Investments, joined existing investor China venture capital firm Qiming Venture Partners in participating in the round, the statement added.
“Connect’s proprietary Immune Modulation Technology Platform can transform the development of novel therapies for a wide array of serious inflammatory and autoimmune diseases that have significant unmet clinical need,” DiRocco said in the statement.
The fresh capital will help the company prepare for and progress with clinical trials for its pipeline products, and transition preclinical programs into clinical development.
Specifically, the funding will be channeled towards backing Connect Biopharma’s ongoing Phase 2 trials for CBP-201 and CBP-307, expand the clinical development program for CBP-201, and produce clinical material for future Phase 3 trials of CBP-201 and CBP-307, the statement said.
Connect Biopharma focuses on the identification and development of immune modulating molecules.
“Connect is focused on innovating best-in-class therapies to address patient need globally, and our ability to attract top-tier global investors is an important validation of the potential value of our pipeline and its underlying technologies,” Co-founder and CEO at Connect Biopharma, Zheng Wei said.
“We believe that our wholly-owned and growing pipeline, technology, scientific and clinical expertise, and world-class investors position us for success in continued execution of our near-term objectives and attaining our long-term vision of improving care and outcomes for patients with inflammatory and autoimmune disease,” he added.
So far this year, the company has reported positive topline data from its Phase 1b study of CBP-201, and has also strengthened its intellectual property estate for CBP-307.
Further, it is expected to advance one of its product candidates, the CBP-174 molecule for the treatment of pruritus, into Phase 1 trials by Q4 this year.
Prior to its Series C, Connect Biopharma had last raised funding to the tune of $55 million in January 2019 through its Series B round, led by Hong Kong private equity growth capital investor Advantech Capital.
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