CANbridge Life Sciences, a Beijing, China-based clinical-stage biopharmaceutical company focused on developing Western drug candidates in China and North Asia, raised $25m in Series B funding.
The round was led by Lapam Capital, with participation from Qiming Venture Partners, Yuanming Capital, Yanyuan Capital, Biossom Investment Management and Wuxi App Tec.
The company, which has raised a total of over $40M in Series A and B financing rounds combined, and has plans for additional strategic transactions in 2017, intends to use the funds for the clinical trial development of its two lead compounds, CAN008 and CAN017, in China.
CAN008, a fully-human fusion onco-immunotherapy, is currently in a Phase I/II for the treatment of glioblastoma multiforme (GBM), in Taiwan. CANbridge plans to initiate a Phase II CAN008 GBM trial in China in 2018. CAN017, an antibody inhibitory onco-immunotherpy, will target esophageal squamous cell cancer (ESCC), the prevalent form of esophageal cancer in Asia.
Led by James Xue, PhD, Chairman and CEO, CANbridge is a clinical-stage 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 develop, drug and device products that are approved in their home markets, for commercialization in China and North Asia.
The company has an agreement with EUSA Pharma to commercialize Caphosol® in China for the prevention and treatment of oral mucositis caused by cancer treatments, and a license with Apogenix to develop, manufacture and commercialize immune-oncology therapy, APG101, for the treatment of glioblastoma multiforme in China, Macao, Hong Kong and Taiwan, where it will be developed as CAN008. CANbridge also holds a worldwide license (ex-North America) with AVEO Oncology to develop, manufacture and commercialize clinical-stage ErbB3 (HER3) inhibitory antibody candidate, AV-203, renamed by CANbridge as CAN017.