Singapore-based biotechnology company Aslan Pharmaceuticals raised $34m in series C capital yesterday from a consortium led by technology and engineering company Accuron that included drug developer Tianda Pharmaceuticals.
The round also featured securities firm Haitong International, Morningside Ventures, Bioveda Capital, Cenova Ventures and Sagamore Bioventures.
Aslan is working on immunotherapies for tumours that particularly affect patients in Asia. The company currently has four candidates in its pipeline for gastric and breast cancers, and inflammatory diseases.
The funding will help Aslan accelerate the clinical development of its pipeline and complete up to 10 clinical studies.
Cenova led a $22m series B round for Aslan in 2013 backed by Morningside, XinChen Ventures, Bioveda and Sagamore. Bioveda previously led a $12m series A round in 2011 through its BV Healthcare II fund that also included Sagamore and unnamed angel investors.
Carl Firth, CEO of Aslan, said: “We are delighted to receive such a strong level of support and confidence from our new and existing investors, including several notable strategic investors. It is a strong endorsement of the quality of our clinical programs and team.”
Accuron is a wholly-owned subsidiary of Singapore government-owned investment vehicle Temasek.