CANbridge Life Sciences, a Beijing, China-based biopharmaceutical company focused on developing Western drug candidates in China and North Asia, raised $10m in a Series A funding round.
Backers included Qiming Venture Partners and TF Capital, a venture fund initiated by Chinese CRO Tigermed.
The company intends to use the funds for the continued expansion of its business development and operations.
Founded in 2012 by James Xue, PhD, MBA, Chairman and CEO, CANbridge Life Sciences is a bio-pharmaceutical company accelerating development and commercialization of specialty healthcare products for serious and critical medical conditions in China and North Asia (Korea and Taiwan). It develops partnerships with Western bio-pharmaceutical companies with clinical-stage pharmaceutical, medical device or diagnostic products that are either unavailable in China/North Asia or address medical needs that are underserved in the region.
CANbridge also licenses or obtains exclusive rights to commercialize drug and device products that are approved in their home markets for commercialization in China and North Asia. The company has an exclusive licensing agreement with U.S.-based Azaya Therapeutics to develop and commercialize ATI-1123 in China, for the treatment of non-small cell lung cancer and other solid tumors and an agreement with EUSA Pharma, a Jazz Pharmaceuticals company, to commercialize Caphosol® in China for the prevention and treatment of oral mucositis caused by cancer treatments.