Connect Biopharma, a U.S.- and China-based clinical-stage biopharmaceutical company has announced in a press statement that it has raised US$115 million in a Series C round.
The round of funding was led by a U.S.-based multi-stage investment manager RA Capital Management. China-headquartered Lilly Asia Ventures, U.S. biotech investment fund Boxer Capital, and Swiss healthcare investor HBM Healthcare Investments also participated in the round per the statement. Existing investor Qiming Venture Partners also reinvested.
The deal will see Derek DiRocco a principal at RA Capital Management join the Board of Directors of Connect Biopharma.
“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 funds be invested in the R & D of new and existing products of the company. Particularly, the funds 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 noted.
“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.