US-based small molecule cancer drug developer NiKang Therapeutics secured $200m in series C funding yesterday from investors including Lilly Asia Ventures, a corporate venturing vehicle for pharmaceutical firm Eli Lilly.
Hedge fund manager Cormorant Asset Management and healthcare investment firms HBM Healthcare Investments and Octagon Capital co-led the round with Lilly Asia Ventures.
Ally Bridge Group, EcoR1 Capital, Invus, Janus Henderson Investors, Logos Capital, Pavilion Capital and funds and accounts managed by BlackRock took part, as did Perceptive Advisors, PFM Health Sciences, RA Capital Management, Samsara BioCapital, Surveyor Capital and Wellington Management.
All the company’s existing shareholders, which include Casdin Capital, CBC Group, Matrix Partners China and RTW Investments, filled out the investors.
NiKang is developing innovative small molecule inhibitor-applied immunotherapies, which are alternative methods to traditional cancer management such as chemotherapy, radiation therapy and surgery.
Small molecule cancer medicines are designed to target extracellular, cell-surface receptors and intracellular proteins to halt metastasis. The cash will help the company conduct clinical trials for its lead candidates and accelerate its drug discovery research.
Zhenhai Gao, co-founder, president and chief executive of NiKang, said: “We are now well-positioned to rapidly advance our pipeline into clinic including our differentiated HIF-2 alpha inhibitor, and to bring our company to the next level of growth.”
RTW Investments had led NiKang’s $50m series B round in September 2020, investing alongside Lilly Asia Ventures, Casdin Capital, HBM Healthcare Investments, Matrix Partners China, Octagon Investments and returning investor CBC Group (formerly C-Bridge Capital). It has not revealed details of earlier funding.
