China-based cancer treatment developer Carsgen Therapeutics has closed a $30m series B round co-led by Jolly Innovation Ventures, the investment vehicle of pharmaceutical firm Jolly Pharma.
Venture capital firm KTB Ventures co-led the round, which also featured participation by Kaitai Capital and JIC GenesisFountain Healthcare Ventures. Chi Hoon Hyun, investment director at KTB, will join Carsgen’s board of directors,
Carsgen is working on immunotherapies for forms of liver, lung and brain cancer including glioblastoma, the most severe form of brain cancer. The company is currently enrolling patients in a phase 1 clinical trial that is set to conclude in December 2016.
The company also aims to finish preclinical testing and file an investigational new drug application with US regulator the Food and Drug Administration for several drug candidates in 2017.
Carsgen previously received an undisclosed amount in a 2014 series A round led by healthcare-focused private equity fund BCVF.