China-based immuno-oncology therapy developer Elpiscience Biopharma closed a $105m series C round yesterday that included Lilly Asia Ventures, a corporate venture capital vehicle for pharmaceutical firm Eli Lilly.
Greater Bay Area Homeland Development Fund led the round, which also featured Cormorant Asset Management, Maison Capital, Superstring Capital, Pluto Connection, Unifortune Fund and existing backers including CDH Investments, Dyee Capital and Oriza Holdings.
Elpiscience is developing immunotherapies to treat cancer and has three antibody drug candidates – ES101, ES102 and ES104 – in clinical trials. The cash will be used to expand its strategic partnerships and support clinical testing and research in the United States.
The latest round followed $155m of earlier funding, $20m of which came in a series A round led by Lilly Asia Ventures. The unit then joined Hillhouse Capital and CDH Investments in Elpiscience’s $35m series A-plus round in 2018.
Hyfinity Investments led the company’s $100m series B round in late 2019, investing with Lilly Asia Ventures, internet group Tencent, healthcare provider Parkway Global, Hillhouse Capital, CDH Investments, Dyee Capital, Oriza Holdings, GTJA Investment Group, Ming Bioventures and WisdoMont.
Darren Ji, Elpiscience’s chairman and chief executive, said: “We are thrilled to have the continued support and endorsement from the top tier investors. It has been a remarkable 3.5 years.
“Elpiscience is determined to become an innovation leader in developing the next generation of cancer immunotherapies. We are committed to bringing at least one world-class molecule into the clinic each year to benefit cancer patients globally.”
