The Chinese biopharma company Connect Biopharma has announced that it has raised $115 million in its Series C round of funding. The round was led by RA Capital Management and saw the participation of other new investors including HBM Investment, Lilly Asia Ventures, and Boxer Capital. Existing investor Qiming Venture Partners also participated in the financing round.
The company focuses on developing potent and specific immune-modulating molecules. It plans to utilize the fresh funding to support the ongoing Phase 2 clinical trial for CBP-201 in adult patients with moderate-to-severe atopic dermatitis. The funds will also be used for Phase 2 trials of CBP-307 in patients with moderate-to-severe ulcerative colitis, expansion of the CBP-201 clinical development program into additional indications; and manufacturing clinical material to support the planned Phase 3 trials of CBP-201 and CBP-307.
Zheng Wei, Co-founder and CEO at Connect Biopharma said: “We believe that our wholly-owned and growing pipeline, technology, scientific and clinical expertise, and world-class investors position us for success in continued execution of our near-term objectives and attaining our long-term vision of improving care and outcomes for patients with inflammatory and autoimmune disease.”
As part of the financing round, Dr. Derek DiRocco, Principal at RA Capital Management will join Connect Biopharma’s Board of Directors.
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