China-based biopharmaceutical company Canbridge Life Sciences secured $10m yesterday in a series A round that included TF Capital, a venture fund set up by China-based contract research organisation Tigermed.
The round also included venture capital firm Qiming Venture Partners, which focuses on early-stage companies in the media, internet, IT, consumer, retail, healthcare and cleantech sectors.
Canbridge, launched in 2012, signs partnership agreements with biopharmaceutical firms in the west to bring clinical-stage drugs and devices to China and North Asia, and licenses drugs and medical devices already approved in their home markets to be commercialised in the region.
The company previously raised an undisclosed amount in angel investments from US and Chinese life sciences executives. It will use the series A funding to support its expansion efforts.