China-based cellular cancer drug developer Carsgen Therapeutics completed a $186m series C round today that included Lilly Asia Ventures, an investment vehicle for pharmaceutical firm Eli Lilly.
Private equity firm Loyal Valley Capital led the round, which also featured Shiyu Capital, South China Venture Capital and Summer Capital.
Carsgen is developing immuno-oncology therapies that will treat solid and blood tumours by engineering T cells with a chimeric antigen receptor (CAR) gene which is able to identify tumorous cells. It has 12 CAR T-cell product candidates in its pipeline.
Zonghai Li, Carsgen’s founder, president and chief executive, said: “This series C funding will accelerate Carsgen’s ongoing clinical trials in China, the United States and Europe, and will support expanding our commercial manufacturing facilities.
“It advances the company’s global development activities as we work to launch Carsgen’s leading products for the benefit of cancer patients worldwide.”
Jolly Innovation Ventures, a corporate venturing subsidiary of pharmaceutical company Jolly Pharma, co-led Carsgen’s $30m series B round in 2016 with venture capital firm KTB Ventures, investing alongside Kaitai Capital and JIC Genesis Fountain Healthcare Ventures.
The company had previously secured an undisclosed amount in a 2014 series A round led by private equity firm BVCF. It identified South China Venture Capital as an existing backer in the latest round.
