China-based biopharmaceutical company PegBio has secured $20m in a series E round led by Tasly Pharma, a subsidiary of pharmaceutical firm Tasly Holding Group, China Money Network reported on Monday.
PegBio is developing therapies for diabetes and obesity, and its lead candidate, PB-19, allows diabetes patients to take medicine once a week rather than through daily injections.
PB-19 has so far undergone four phase 1 clinical trials in China and the US. PegBio is also working on PB-718, a drug candidate that aims to reduce complications arising from diabetes and help patients control their weight more effectively.
The company has not revealed details about its series D round but it reportedly raised RMB7m ($1m) from Oriza Holdings, the venture capital arm of Suzhou Industrial Park, in a series C round, and an undisclosed amount in series B funding from Mingxin China Growth Fund in 2011.
Legend Star, an early-stage investment subsidiary of conglomerate Legend Holdings, reportedly provided $1m in series A funding for the company before returning to provide an additional $1m at a later date.