Angel Pharmaceuticals, a China-based drug developer, has raised $41m in a series A round that included biotech research provider Tigermed and pharmaceutical companies Betta Pharmaceuticals and Hisun Pharmaceuticals, DealStreetAsia has reported.
The round included Zhejiang Puissance Capital and reportedly valued the company at $106m post-money.
Angel has been spun off by US-based biopharmaceutical company Corvus Pharmaceuticals to develop treatments for conditions such as cancer, autoimmune diseases and infectious diseases for the Chinese market.
Corvus retains a 49.7% stake in Angel and has the ability to allocate three of the five seats on Angel’s board of directors. It has also licensed the rights to develop and commercialise three clinical-stage candidates (CPI-006, CPI-818 and ciforadenant) in China along with global rights to its parent’s preclinical BTK inhibitor programme.
Founded in 2014, US-based cancer treatment developer Corvus raised money from investors including pharmaceutical firms Novo and Roche before floated on Nasdaq in March 2016, but seen its market capitalisation more than halve since.
