Clover Biopharmaceuticals, a Chengdu, China-based biotechnology company focused on developing novel and transformative biologic therapies, completed a RMB 62.8m (approximately US$9.5m) Series A financing.
The Series A round was led by Tianhe Life Sciences Venture Fund. Combined with other nondilutive sources of funding, this financing brings Clover’s total cash proceeds received in 2017 to RMB 84.3m (approximately US$ 12.7m).
The proceeds will support the continued development of Clover’s biological candidates, with two compounds expected to enter human clinical trials in 2018. A Phase I trial in oncology for SCB-313, a novel TRAIL-Trimer fusion protein, is expected to be initiated by early 2018 in Australia. SCB-808, a proposed biosimilar of Enbrel® (etanercept) being developed in the prefilled syringe formulation, is also expected to enter clinical testing in China in mid-2018.
Led by Joshua Liang, Chief Strategy Officer and Board Director, and Dr. Peng Liang, co-founder, Chairman and President, Clover is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing biologic therapies, with a focus on oncology and autoimmune diseases. The company is utilizing its proprietary Trimer-Tag© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, it is leveraging its in-house cGMP biomanufacturing capabilities to develop select biosimilars.