Clover Biopharmaceuticals, a Chengdu, China-based global clinical-stage biotechnology company focused on developing novel and transformative biologic therapies, closed a US$ 43m (RMB 304m) Series B financing.
The round, which brings total capital raised since 2016 to over US$ 100m (over RMB 750m), was led by Delos Capital and Lapam Capital, with participation from Betta Capital, Sichuan Health Care Industry Fund, Beijing Zhongguancun VC and Jinlong Group. Concurrent with the financing, Mr. Tim Xiao, CFA, FRM, Principal of Delos Capital and Mr. Guangyu Xu, Partner of Lapam Capital, will join Clover’s board of directors.
The company intends to use the funds for the continued clinical development of its biological candidates, operations of its new commercial-scale cGMP biomanufacturing facility, and expansion of its preclinical R&D pipeline utilizing its proprietary Trimer-Tag© technology platform.
SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies (malignant ascites, malignant pleural effusions, and peritoneal carcinomatosis), has initiated multiple Phase I clinical trials globally in both Australia and China. SCB-808, a proposed biosimilar of Enbrel® (etanercept) being developed in the prefilled syringe formulation, is expected to enter Phase III clinical testing in 2019. Clover’s 35,000m2 cGMP biomanufacturing facility, with initial 2 x 2,000 L bioreactor capacity, has completed construction and will support Clover’s clinical trials as well as future commercial production.
Led by Dr. Peng Liang, co-founder, Chairman and President, and Joshua Liang, Chief Strategy Officer and Board Director, Clover is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing transformative biologic therapies, with a focus on oncology and autoimmune diseases. It is utilizing its proprietary Trimer-Tag© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house cGMP biomanufacturing capabilities to develop select biosimilars.