Clover Biopharmaceuticals, a Chengdu, China-based global clinical-stage biotechnology company developing biologics as vaccines and therapeutics for debilitating diseases, completed a $230m Series C financing.
This round, which brought total capital raised in the last 12 months to over $400m (over RMB 2.5 billion), was co-led by GL Ventures and Temasek, with participation from Oceanpine Capital, OrbiMed and existing investor Delos Capital.
The company intends to use the funds for the continued development and expansion of its pipeline of protein-based vaccines and biologic cancer therapies utilizing its innovative and proprietary Trimer-Tag© technology platform.
Led by Joshua Liang, Chief Executive Officer, 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, as well as viral vaccines.
The company expects to initiate a global Phase 2/3 efficacy trial for SCB-2019 (S-Trimer), its COVID-19 vaccine candidate, in the first half of 2021 and has initiated production planning for potentially hundreds of millions of vaccine doses in 2021. It has also initiated development of additional vaccine programs including multivalent SARS-CoV-2 (covering multiple variants), rabies and influenza. SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies (including malignant ascites), is in multiple ongoing Phase I clinical trials in Australia and China.
Clover also expects to advance multiple new pipeline products to the clinic in 2021 and further expand its in-house R&D and cGMP commercial biomanufacturing capabilities.