China-based oncology drug developer ABM Therapeutics has secured $20m in series A-plus funding from investors including Sinopharm Capital, an investment vehicle for pharmaceutical company Sinopharm, China Money Network has reported.
Venture capital firm China Growth Capital led a round that also featured private equity firm Panlin Capital, investment manager Kaitai Capital, VC firm Ming Bioventures and a pharmaceutical investor known as LongDAC.
Founded in 2015, ABM is developing small molecule therapeutics to treat brain cancer in addition to brain metastasis caused by melanoma, lung and breast cancer. The drugs are intended to work by inhibiting a protein called BRAF to shrink tumours.
The company enrolled the first patients in a phase 1 clinical trial for its lead product candidate, ABM-1310, in the United States in June this year. The series A-plus proceeds will support further clinical work on the candidate
ABM raised an undisclosed amount from unnamed investors in 2017 before Kaitai Capital led a series A round of undisclosed size that included drug discovery services provider Viva Biotech and WisdoMont Asset Management in January 2019, according to China Money Network.
