Taicang, Suzhou, January 2, 2019/PRNewswire / - Connect Biopharmaceuticals, a clinical-stage company that discovers and develops novel immune modulators for the treatment of autoimmune diseases and inflammation, today announces the completion of a $55 million Series B financing led by new investor Advantech Capital with participation by current investors Qiming Venture Partners, Northern Light Venture Capital, and Cowin Venture Capital. CEC Capital acted as the exclusive financial advisor for this financing round.
The company plans to use the proceeds primarily to fund the ongoing Phase 2 clinical trials of its lead experimental drug CBP-307, a next-generation S1P1 modulator, in patients with ulcerative colitis and Crohn's disease. It will also support the planned Phase 1b and Phase 2 clinical trial of CBP-201, a highly potent IL-4Rα antibody, for the treatment of atopic dermatitis.
In conjunction with the financing, Ms. Jennifer Jin, Partner at Advantech Capital, will join Connect's Board of Directors.
“We are very pleased to successfully complete this financing round led by such a well-recognized healthcare investor, and we are very grateful to our existing investors for their continued support," said Dr. Wubin Pan, Co-founder, President and Chairman of the Board of Directors of Connect. "We are delighted to welcome Jennifer to the board and we look forward to working closely with her to guide and support the company as it enters an exciting new phase."
“The successful financing round speaks to the significant progress the Connect team made in advancing our clinical programs in the past two years,” added Dr. Zheng Wei, Co-founder and CEO of Connect. “We are very pleased that CBP-307 and CBP-201, the two drug candidates originated from our immune modulation discovery platform, have already shown excellent tolerability, pharmacokinetic and pharmacodynamic properties in humans. This new funding will accelerate the ongoing clinical studies of our drug candidates in patients with ulcerative colitis, Crohn's disease and atopic dermatitis.”
Jennifer Jin of Advantech Capital commented: “Advantech focuses on investing in China-related companies that have the potential to become leaders in the respective fields of innovation. The Connect team has built a portfolio of promising drug candidates that are well-positioned to have a real impact on the lives of patients worldwide who are suffering from serious, chronic and debilitating diseases. We are delighted to be part of the team to advance these promising medicines."
About Connect Biopharmaceuticals
Founded in 2012, Connect Biopharmaceuticals. is a clinical-stage company that discovers and develops novel immune modulators for the treatment of autoimmune diseases and inflammation. Connect has several drug candidates in its pipeline, including CBP-307, CBP-201, CBP-174 and other early-stage discovery programs. The company is headquartered in Taicang, Suzhou, and has operations in Shanghai (PRC), Melbourne (Australia), and San Diego (USA). For more information, please visit www.connectbiopharm.com.
About Advantech Capital
Launched in January 2016 by Mr. Jianming Yu, Advantech Capital is a private equity fund focused on innovation-driven growth in China, on investments in Healthcare, TMT, and E-services sectors. For more information about Advantech Capital, please see the website: www.advantechcapital.com.
About Qiming Venture Partners
Founded in 2006, Qiming is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou and Hong Kong. Qiming currently manages five US Dollar funds and four RMB funds with US$4 billion assets under management, and strives to be the investor of choice for top entrepreneurs in China. Qiming healthcare team has been one of most active investors in China and many of their healthcare portfolio companies are today’s most influential brands in the healthcare sector. For more information, please visit www.qimingvc.com.
About Cowin Venture
Cowin Venture focuses on early-stage investments in technology and healthcare companies in both China and the United States. Founded in 2009, Cowin has managed eight RMB funds and two USD funds with over RMB 5 billion assets under management. Cowin currently has more than 40 healthcare portfolio companies in pharmaceuticals, medical devices, diagnostics and digital health sectors. Cowin aims to identify world-leading biotech and MedTech innovations with global intellectual properties and to leverage the vast clinical resources in China to speed up the R&D process and value-inflection of portfolio companies. For more information, please visit www.cowinvc.com.
About Northern Light Venture Capital
Northern Light Venture Capital (NLVC) is a leading China-focused venture capital firm targeting early stage opportunities of innovation and disruptive technology. Since founded by Feng Deng in 2005, Northern Light has backed over 250 ventures in TMT, healthcare and advanced technology. Leveraging significant investing and entrepreneurial expertise in both China and the United States, the NLVC team looks to support entrepreneurs with groundbreaking ideas and exceptional vision to develop lasting ventures that positively impact society. For more information: www.NLVC.com.
About CEC Capital
Founded in 2000, CEC Capital Group is a leading investment bank in China with a core focus on the TMT, consumer and healthcare sectors. Headquartered in Beijing with offices in Shanghai, Los Angeles and San Francisco, CEC Capital provides M&A, capital raising, and asset management services to clients both in and outside of China. In 2016, CEC Capital acquired Siemer & Associates, a US boutique investment bank, to further enhance capabilities and reach in cross border transactions. Leveraging its investment banking networks and capabilities, CEC Capital have also built a unique and highly integrated asset management platform. CEC Capital launched its first US dollar fund in December 2014, and closed its first RMB fund in April 2017. For more information: www.ceccapitalgroup.com.