EntreMed, a US and China-focused drugs developer, has raised $10.7m from a consortium including publisher International Data Group’s (IDG) corporate venturing unit.
Alongside IDG-Accel’s China Growth Fund III in the round was venture capital firm Kleiner Perkins Caufield & Byers’s China Fund II.
In February last year, IDG-Accel was joined by investors including VC fund Emerging Technology Partners and Tak Mak, director of the Campbell Family Institute for Breast Cancer Research, in investing $9.3m in EntreMed.
EntreMed also at that time negotiated an agreement with another investor, pharmaceutical corporation Celgene, to convert the series A preferred stock it holds in EntreMed to common stock. A condition of the deal was thar EntreMed terminate its $7.5m standby equity distribution agreement with investment firm Yorkville Advisors, obtained in June 2011.