US-based small molecule drug developer Cullgen completed a $50m series B round yesterday featuring Heights Capital Management, an affiliate of quantitative trading and technology firm Susquehanna International Group (SIG).
The round was led by healthcare investment fund 3E Bioventures Capital and included Octagon Capital, MSA Capital and South China Venture Capital. Frank Yan, partner at 3E Bioventures, is taking a seat on the company’s board of directors.
Cullgen is working on small molecule therapeutics that will utilise protein degradation to combat diseases currently without effective treatments. The capital will support development of its product pipeline, which includes prospective cancer drugs.
The company secured up to $15m in a 2018 seed round led by pharmaceutical group GNI in 2018, before adding $16m in a series A round co-led by venture capital firm Sequoia China Capital and investment firm Highlight Capital the following year.
Ying Luo, Cullgen’s chairman, said: “There was overwhelming interest from the investment community to participate in this round of funding. We are grateful to have received financial backing from prominent venture capital firms that are convinced that Cullgen has built a world-class targeted protein degradation company.”
