Sciwind Biosciences, a China-based metabolic disease therapy developer backed by conglomerate Legend Holdings and pharmaceutical firm Kawin Technology, closed a $70m series C round on Tuesday.
Venture capital group IDG Capital led the round and was joined by Lyfe Capital and Loyal Valley Capital.
Founded in 2017, Sciwind is developoing specialised treatments for metabolic conditions such as type 2 diabetes, obesity, liver fibrosis and non-alcoholic steatohepatitis. The cash will fund clinical trials of its XW003, XW004 and XW014 drug candidates in China, South America and Australia.
Lyfe Capital led the company’s $37m series B round, in February this year, which also featured Legend Capital, the VC firm spun off by Legend Holdings, and Haibang Venture Capital.
Sciwind’s $29.5m series A round was led by Legend Capital two years earlier, with participation from Kawin Technology and Shiyu Asset Management.
Hai Pan, Sciwind’s founder and chief executive, said: “We are very pleased to receive such strong support from our new and existing investors as we continue to advance our highly differentiated product pipeline for the treatment of metabolic disease.
“With the completion of this series C financing round, Sciwind is now in great position to rapidly advance our clinical development activities both in China and globally, allowing us to work expediently towards our mission of developing novel and effective therapies that can help patients living with metabolic disease worldwide.”
