China-based antibody drug developer Gmax Biopharm International has received $78m in a series C round led by diversified conglomerate China Merchants Group, DealStreetAsia has reported.
The round also featured clinical contract research organisation Tigermed, telecommunications firm Dawn, Parkland Medtech, Brill Capital, Cowin Capital and Ziyao Fund.
Founded in 2010, Gmax is developing antibody and bi-body drugs that will be used to treat cancer, cardiovascular diseases and metabolic disorders.
The company’s pipeline is intended to target G-protein coupled receptors (GPCRs), a family of cell receptors in the human body involved in a number of physiological functions. It has a pipeline of 20 treatment candidates and has operations located across the United States, Europe and Australia.
The proceeds of the round will be used to fund clinical trials for the company’s antibody drug candidates and finance clinical trials applications.
Gmax, which is wholly-owned by an entity called Jimeide Biotech, had previously raised an undisclosed amount of series B funding from private equity firm YF Capital in 2017.