China-based oncology drug developer Abbisko Therapeutics has secured $42m in series B funding from investors including Lilly Asia Ventures, a corporate venture capital subsidiary of pharmaceutical firm Eli Lilly, CenturyBio has reported.
Venture capital firm Qiming Ventures led the round, which included private equity investment manager Loyal Valley Capital, VC firm TF Capital Investments, an unnamed sovereign wealth fund and CICC Capital, a subsidiary of financial services firm China International Capital Corp.
Abbisko Therapeutics is developing small-molecule treatments for cancers commonly found in Asia, such as hepatocellular carcinoma (HCC), a liver cancer that occurs predominantly in patients with chronic liver disease and cirrhosis.
The company will use the funding to begin phase 1 clinical trials of its two lead candidates, ABSK011 and ABSK021, which are being developed to treat HCC and solid tumours, respectively.
Lily Asia Ventures had previously led a $28m series A round for the company in February 2017, investing alongside Sinopharm Capital, an investment vehicle for pharmaceutical firm China National Pharmaceutical Group (CNPG), as well as TF Capital and Jianxin Capital.