Hangzhou Sciwind Biosciences Co., Ltd., a Hangzhou, China-based clinical-stage biopharmaceutical company focusing on research and development of innovative biologics, closed a US$37M series B financing.
The round was led by LYFE Capital and joined by the existing investors, Legend Capital and Haibang Venture Capital.
The company intends to use the funds to drive current clinical projects and push forward other drug candidates from its pipeline into clinical development and to expand its talent team.
Led by Hai Pan, Ph.D., founder and CEO, Sciwind focuses on research and development of innovative biologics in the therapeutic area of chronic metabolic and immunological diseases and has driven multiple projects into clinical trials. A phase 1 clinical study of XW003, has been completed in an overseas clinical site, and phase 2 clinical trials including type II diabetes, obesity and non-alcoholic steatohepatitis (NASH), are expected to be initiated in China in 2021. Two more Investigational New Drug (IND) applications are expected to be filed in 2021 including an oral formulation of a highly active GLP-1 analogue.