Ignis Therapeutics, a China-based central nervous system (CNS) therapy developer established by drug producer SK Biopharmaceuticals, secured $180m in series A funding yesterday, DealStreetAsia reported, citing a company statement.
The round was led by 6 Dimensions Capital, the healthcare investment firm formed by pharmaceutical firm WuXi AppTec’s WuXi Healthcare Ventures vehicle and venture capital firm Frontline BioVentures.
Industrial conglomerate Ruentex Group also participated in the round, as did KB Investment, WTT Investment, Mubadala Investment Company, HBM Healthcare Investments and Goldman Sachs.
Ignis has been granted development, production and commercialisation licences for six drug compounds created by SK Biopharmaceuticals, which forms part of conglomerate SK Group, across China and Taiwan.
The compounds in question include anti-seizure drug cenobamate and solriamfetol, a treatment for excessive daytime sleepiness, both of which have received regulatory approval in the United States.
The startup will provide $20m for SK in the form of an upfront payment and a potential $15m in milestone payments, while the corporate is taking $150m of Ignis’s shares.
