China-based biopharmaceutical company GenFleet Therapeutics has raised almost RMB400m ($57.7m) in series B funding from investors including Sinopharm Capital, the investment arm of pharmaceutical firm Sinopharm, DealStreetAsia has reported.
Alternative asset manager CDH Investments and the local government-led Shenzhen Capital Group co-led the round, which also featured South China Venture Capital, Panlin Capital, Lake Bleu Capital and HighLight Capital, according to a company statement.
GenFleet is developing small molecule therapeutics for cancer and autoimmune diseases. Its lead drug candidate is GFH018, an inhibitor targeting a type of liver cancer known as hepatocellular carcinoma, and the prospective drug has entered phase 1 clinical trials.
The series B funds will support work on the company’s immunology platform and the establishment of manufacturing resources in addition to clinical trials and the international registration of its drug pipeline.
The latest round was preceded by a $17.4m series A in December 2018 that was led by investment firm Ally Bridge Group and backed by Sinopharm Capital, pharmaceutical company CSPC, HighLight Capital, Qianlong Yuhan and TF Capital.
The latter three were identified by GenFleet as existing investors. It had secured approximately $14m in a round led by HighLight Capital six months earlier, according to DealStreetAsia.
