InventisBio Inc., a Shangai, China-based clinical stage biotech company, closed a $70m Series C financing.
The round was co-led by Advantech Capital and CMBI, followed by Pudong Innotek and existing investors Lilly Asia Venture (LAV) and OrbiMed Asia.
The company intends to use the funds to accelerate the development of its clinical candidates into phase 2 trials and develop drug candidates into clinical stage.
Led by Dr. Yaolin Wang, Chairman and CEO, InventisBio is a clinical stage biotech company dedicated to the discovery and development of novel therapeutics against cancer and metabolic diseases. The company has three drug candidates in clinical development for breast cancer, lung cancer and gout. In Dec. 2018, InventisBio licensed out 3rd generation EGFR-T790M inhibitor D-0316’s China right to Betta Pharma, and is co-developing it in phase 2 clinical trial for non-small cell lung cancer. The company received angel investment from Beautiful Mind Capital, Series A financing led by LAV in 2016 and Series B funding led by OrbiMed Asia with participation from LAV in 2017.