On March 25, 2020 Abbisko Therapeutics, an innovative biopharmaceutical company based in Shanghai Zhangjiang High Tech Park, reported the completion of a $70 million Series C financing (Press release, Abbisko Therapeutics, MAR 25, 2020, View Source;article_id=140 [SID1234555823]). The investment was led by Temasek, joined by existing investors including Qiming Venture Partners, Jianxin Capital, GIC, Lilly Asia Ventures, CICC Capital, Loyal Valley Capital. This financing brings the total equity capital that the company has raised since its inception in 2016 to $140 million.
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The proceeds from this financing will be used to advance the company’s four clinical programs and further expand its discovery pipeline consisting of multiple programs in IND enabling and discovery stages in oncology targeted therapy and immuno-oncology areas.
In the last twelve months, Abbisko advanced two internally discovered and developed pre-clinical candidates into the clinical stage with IND approvals in the US, mainland China and Taiwan. Phase I clinical trials have either been initiated or in active preparation in these countries and region. Abbisko also completed two strategic collaborations to strengthen its portfolios by in-licensing two clinical stage assets from X4 Pharmaceuticals and AstraZeneca PLC.
Dr. Yao-Chang Xu, founder and CEO of Abbisko Therapeutics commented on the successful completion of series C financing, "We’re very pleased that internationally well-known investment company Temasek has led this series of financing. We are equally pleased to get continued funding support from our previous investors including Qiming Venture Partners, Jianxin Capital, GIC, Lilly Asia Ventures, CICC Capital, and Loyal Valley Capital. The fund raised in Series C will allow us to rapidly advance our clinical programs and continue to move forward the portfolio of novel cancer therapies in the discovery and early development stages".