Impact Therapeutics, a Nanjing, China-based company dedicated to the discovery, development and commercialization of novel therapeutics to treat cancer and other life threatening diseases, secured around $10m in Series B financing.
Backers included new investors China Summit Capital, Guangzhou YUEXIU Industrial Investment Fund, Sungent Bioventure, HAIBANG Ventures and existing investor Lilly Asia Ventures.
The company intends to use the funds to advance clinical studies and pipeline products.
Led by Dr. Edward Tian, CEO, and Dr. Sui Xiong Cai, SVP and CTO, Impact has established a research and business platform, using methods for the discovery and development of novel anti-cancer drugs. With several anti-tumor drug projects in preclinical and clinical stages, the company has submitted a class 1.1 drug IND Application in Dec of 2015.
In July 2014, Impact closed a Series A funding round led by Lilly Asia Ventures, Cenova Capital and Wuxi AppTec Ventures.