Crown Bioscience, Inc., a Santa Clara, CA-based biotech company that provides oncology R&D partnership and services, has closed a US$28.8m Series C financing.
The round was led by OrbiMed Advisors Caduceus Asia Partners Fund, Argonaut Private Equity, the CID Group, IBT, and CDIB Capital Investment, with participation from existing shareholders Qiming Venture Partners and CRCI.
The company intends to use the funds to expand services in integrated cancer drug discovery and translational oncology, as well as to conduct new initiatives in other therapeutic areas.
In conjunction with the funding, Dr. Nancy T. Chang, Chairman and Senior Managing Director of OrbiMed’s Caduceus Asia Partners Fund, will join the Crown Bioscience’s board.
Led by co-founder and CEO Alex Wu, ther company helps its global biopharmaceutical industry partners to identify the most promising compounds for clinical testing, and enable them to develop strategies for biomarker development and patient stratification.
By deploying its capabilities across key functional disciplines in target validation, protein engineering, fragment-based drug design, medicinal/computational chemistry, formulation, DMPK, quantitative biology, pharmacology, and biomarker discovery, the company works as an external drug discovery engine to complement its partners’ internal drug R&D effort.
The company also has offices in Indianapolis, USA, and Beijing and Taicang, China.