Ascentage Pharma Group Corporation, a China-based oncology drug developer backed by biotechnology company 3SBio, has raised $15.5m in series C funding, China Money Network reported today, citing local media reports.
The round was co-led by Oriza Capital, which acts as a subsidiary of investment holding company Suzhou Oriza Holdings, and venture capital fund YuanMing Capital.
Ascentage was spun out of US-based oncology drug company Ascenta Therapeutics in 2009, and is working on small molecule drugs to treat cancer by triggering targeted apoptosis, or programmed cell death.
3SBio invested $3m in Ascentage in February this year as part of a strategic collaboration agreement that will allow it to help commercialise Ascentage’s apoptosis technology. Details about the company’s earlier funding have not yet been disclosed.