China-based biotechnology company MabSpace Biosciences closed its series A round at $15m on Wednesday with Lilly Asia Ventures, the local corporate venturing outfit of pharmaceutical firm Eli Lilly, as sole backer.
MabSpace is working on antibody-based therapies for tumours which have shown resistance to T cell checkpoint monotherapy, an approach that uses the body’s own immune system to fight cancer.
The company will now advance its current candidates into clinical trials and expand its pipeline. Stephen Lin, principal of Lilly Asia Ventures, joined MabSpace’s board in conjunction with the unit’s investment.
Lin said: “Since the launch of MabSpace three years ago, it has made tremendous progress, including advancing its innovative platform technology as well as the discovery of novel therapies.
“With its founders’ and senior management team’s experience in antibody therapeutic discovery and development, MabSpace is well positioned to be a leader in the field.”