China-based biotechnology developer InventisBio secured $19m in a series B round yesterday that featured Lilly Asia Ventures, the regional corporate venturing fund of pharmaceutical firm Eli Lilly.
The round was led by OrbiMed Asia, the management arm of three Asia-focused fund for investment firm OrbiMed Advisors.
InventisBio is working on therapies for cancers and gout. The company currently has four drug candidates, with three of these expected to enter phase 1 clinical trials in China and the US this year.
The money will accelerate the development of the drug candidates through to the trials.
InventisBio has now secured $30m in total funding, according to the latest press release. Lilly Asia Ventures and SinoPharm Capital previously co-led a series A round in May 2016, following a seed round led by Beautiful Mind Investment Management in 2015.
Fei Chen, a managing partner of Lilly Asia Ventures (LAV) who joined InventisBio’s board of directors last year, said: “It is a pleasure for LAV to partner with InventisBio and phenomenal investors.
“We believe InventisBio’s pipeline has great clinical potential to address unmet medical needs in China and around the world.”