SciNeuro Pharmaceuticals, a China-based developer of treatments for central nervous system (CNS) diseases, launched yesterday with a $100m series A round co-led by Lilly Asia Ventures, a vehicle for pharmaceutical firm Eli Lilly.
Venture capital firm Arch Venture Partners co-led the round, which included private equity firm Boyu Capital, growth equity General Atlantic and VC firms Sequoia Capital China, TF Capital and Zoo Capital.
SciNeuro is developing neuromedicines to treat CNS diseases with major unmet need, combining internal drug development with external partnerships, and is concentrating on Chinese patients. Its founding CEO, Min Li, was previously a venture partner at Lilly Asia Ventures.
Min Li said: “One in every six people in China is living with a CNS condition, yet there are relatively few effective treatments available today, underscoring the urgent need to develop and deliver novel, effective therapies. The impact of CNS diseases extends beyond patients – to their families and society as well.
“I am humbled by the shared commitment from our investors. With their support, we are committed to addressing this substantial need by establishing a strong and innovative CNS product portfolio, and providing new and improved treatment options to patients in China and around the world.”
Lilly Asia Ventures partner Judith Li and managing partner Yi Shi have both taken board seats at SciNeuro in connection with the round, as has Robert Nelsen, co-founder and managing director of Arch Venture Partners.
