China-based immuno-oncology startup Elpiscience raised up to $100m on Saturday in a series B round that including internet group Tencent, healthcare provider Parkway Global and pharmaceutical firm Eli Lilly.
Investment firm Hyfinity Investments led the round, which also featured GTJA Investment Group, Oriza Holdings, Ming Bioventures, WisdoMont, CDH Investments, Dyee Capital and Hillhouse Capital, while Eli Lilly took part through corporate venturing unit Lilly Asia Ventures.
Elpiscience is working on drugs that are intended to fight cancer by harnessing the power of the immune system. It has a 12-strong product pipeline and will put the series B funds toward building that pipeline and advancing its lead candidates into preclinical and clinical testing.
Darren Ji, co-founder and chief executive of Elpiscience, said: “We are pleased to be recognised by top investors during this round of financing. Their trust is truly appreciated, especially in this challenging year of private investment.
“The participation of these top-notch investors greatly empowers us to continuously pursue the exciting journey of developing innovative drugs. We will stay committed to carefully exploring new scientific discovery towards finding effective therapies for cancer patients.”
Lilly Asia Ventures reportedly led a $20m series A round for the company before returning for a $35m series A-plus round in December 2018 that was led by Hillhouse Capital and also backed by CDH Investments.
