US-based biotech company Applied StemCell (ASC) yesterday closed a $19m series D round including Ping An Ventures, the corporate venturing unit of insurance provider Ping An.
The round was led by healthcare-focused private equity fund HerMed Capital, co-managed by healthcare company Fosun Pharmaceutical and conglomerate SK Group. Vi-Ventures and Bioscikin also participated.
ASC’s pipeline focuses on monogenic blood disorders – conditions that are usually hereditary and characterised by a defect in a single gene can affect the entire body.
The money will enable the company to accelerate development of its pipeline, extend its platform technology and further improve its range of intellectual property.
The company previously raised $2.64m in a series C round in 2013 and $1.88m in series B in 2010, according to securities filings.