Canbridge Pharmaceuticals, a China-based developer of therapeutics for cancer and rare diseases, has closed a $43m series E round featuring clinical and research services provider Hangzhou Tigermed Consulting.
Investment manager 3W Fund Management led the round, which included financial services firm SPD Bank’s SPDBI unit, Casdin Capital, Summer Capital, Yaly Capital and existing backers including Hudson Bay Capital Management, RA Capital Management and Lyfe Capital.
Founded in 2012, Canbridge is working on targeted drug treatments for cancer and additional therapies for orphan diseases.
The company has secured regulatory approval in its home country for Hunterase, which has been developed to combat Hunter syndrome, a rare form of lysosomal storage disease. The cash will go its commercialisation as well as the progress of Canbridge’s product pipeline.
Pharmaceutical firm WuXi AppTec and cco-led a $98m series D round for the company in February this year with General Atlantic that included Tigermed, RA Capital, Hudson Bay Capital Management and YuanMing Prudence Fund.
Tigermed’s TF Capital fund joined Qiming Venture Partners to provide $10m in series A funding for Canbridge in 2014. WuXi AppTec, Lapam Capital, Qiming, Yuanming Capital, Yanyuan Capital and Biossom Investment Management added $25m in a 2017 round that took its total funding to $40m.
James Xue, Canbridge’s founder, chairman and chief executive, said: “We are grateful and humbled by the tremendous investor enthusiasm in Canbridge.
“Since closing our $98m series D financing in February, Canbridge has strengthened its operating capabilities and achieved a number of milestones, including three marketing approvals, as the China rare disease market continues to generate momentum in the positive direction.”
