China-based biopharmaceutical company Canbridge Life Sciences has closed a $25m series B round featuring WuXi AppTec, the pharmaceutical research and development company also known as WuXi PharmaTech.
Life sciences-focused venture capital firm Lapam Capital led the round, with participation from Qiming Venture Partners, Yuanming Capital, Yanyuan Capital and Biossom Investment Management.
Founded in 2012, Canbridge partners western pharmaceutical companies to bring clinical-stage drugs, medical devices or diagnostics technology to China and North Asia, in particular Korea and Taiwan.
The company also gains licensing for treatments already approved in western markets and helps to commercialise them for the region. The series B round will be used to fund clinical trials of two lead cancer immunotherapies in China.
Canbridge has raised over $40m so far, including $10m in a 2014 series A round featuring TF Capital, a venture fund set up by contract research organisation Tigermed, and an undisclosed amount of angel funding from US and Chinese life science executives.
James Xue, chairman and CEO of Canbridge, said: “These funds will bolster Canbridge’s financial position and strategy to build a pipeline of leading candidates in solid-tumour oncology in China.
“It enables us to advance our clinical trial program in our two lead candidates, CAN008 and CAN017, in China, where we hope to address the serious needs of patients with glioblastoma multiforme and oesophageal squamous cell cancer, diseases with almost no effective treatment options.”