Hepatitis C therapy developer Ascletis has led a $18m series E round for 3-V Biosciences, a US-based developer of drugs targeting fatty acid synthase, as part of a licensing agreement.
Qianhai Ark Investment also took part in the round, as did New Enterprise Associates (NEA) and Kleiner Perkins. All the participants have agreed to commit an additional $7m to the company as part of a follow-on round.
3-V Biosciences is developing drugs intended to treat cancer and infectious diseases by targeting dysfunctional metabolic pathways. Its lead candidate, TVB-2640, is meant to inhibit fatty acid synthase, which is linked to number of different diseases including liver diseases and cancer.
TVB-2640 has passed through a phase 1 clinical trial for the treatment of solid tumours, including non-small cell lung cancer, breast cancer and ovarian cancer. Ascletis has secured an exclusive licence to develop, manufacture and commercialise the drug in greater China through the deal.
Proceeds from the series E round will be used to fund development of the candidate, including phase 2 trials for non-alcoholic steatohepatitis, a form of fatty liver disease, in the US and China.
3-V had raised a total of $37.6m from investors such as legal firm Wilson Sonsini Goodrich & Rosati, NEA, Kleiner Perkins’ predecessor firm Kleiner Perkins Caufield & Byers (KPCB) and The Column Group, before it secured $20m from investors including NEA and KPCB in a 2012 preferred stock financing.
The company closed a $20m series C round in 2013 before adding $28.5m the following year in a series D round that was co-led by NEA, KPCB and investment firm Rock Springs Capital and backed by private equity firm Ally Bridge Group.