Ascletis, Inc., a Hangzhou, China and Research Triangle Park, NC-based newly formed life sciences company that focuses on cancer and infectious disease therapeutics, has secured $100m in Series A private equity financing.
Ascletis has raised $100m in committed financing including a first tranche of $50m.
The round was led by Hangzhou Binjiang Investment Holding Co., Ltd., with participation from private entrepreneurs from China and the United States.
Led by co-founder, President and CEO, Jinzi J. Wu, Ph.D., the company aims at establishing in the near term a sustainable business through the in-licensing, late-stage clinical development, and commercialization of new medicines for the growing Chinese pharmaceutical marketplace. At the same time, Ascletis intends to build long-term value through the discovery, demonstration of clinical proof-of-concept, and global partnering of novel therapeutics for life-threatening diseases.
According to Dr. Wu, the financing will be used in part to further build Ascletis’ management team and to in-license clinical-stage compounds for development and commercialization specifically for the Chinese market.