China-based pharmaceutical company Impact Therapeutics raised $10m in a series B round yesterday featuring Lilly Asia Ventures, the regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly.
The round included Guangzhou Yuexiu Industrial Investment Fund, the investment arm of conglomerate Guangzhou Yuexiu Group; Sungent Bioventure, a VC firm founded by life sciences industrial park Suzhou BioBay and Sungent Holding Group, a joint project between the governments of Singapore and China; China Summit Capital and Haibang Ventures.
Founded in 2009, Impact Therapeutics focuses on developing treatments for cancer and other life-threatening diseases. The series B funding will support clinical trials and an advancement of the company’s pipeline.
Lilly Asia Ventures, Wuxi AppTec Ventures, which acts as the corporate venturing unit of contract research outsourcing provider Wuxi AppTec, and venture capital firm Cenova Capital invested an undisclosed sum in a January 2015 series A round.
Edward Tian, chief executive of Impact Therapeutics, said: “We are very pleased with the strong support from leading life science investment firms in this financing round, and are in a strong position to advance clinical studies of multiple programs.
“We are looking forward to long-term collaborations with our investors, as we aim to improve the treatment outcome for patients of cancer and other life threatening diseases.”