On December 1, 2020 CANbridge Pharmaceuticals Inc., a company developing and commercializing innovative drugs to treat rare diseases and targeted cancers, reported that it has completed a US$43 million Series E financing, led by 3W Fund Management (Press release, CANbridge Life Sciences, DEC 1, 2020, View Source [SID1234572045]). New investors include Casdin Capital, Summer Capital, SPDBI and Yaly Capital, with additional participation by existing investors, including Hudson Bay Capital Management, RA Capital Management, Hangzhou Tigermed Consulting Co. Ltd and LYFE Capital. The raise, which was expanded due to high demand, is a follow-on of the US$98 million Series D financing, completed in February. The proceeds will be used to expand the CANbridge rare disease pipeline through internal development and external partnerships, accelerate the clinical development of pre-clinical stage assets, prepare the commercial launch of CAN101 (Hunterase) and supplement working capital.
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CANbridge recently received marketing approval in China for its first rare disease candidate, Hunterase, for the treatment of Hunter syndrome (mucopolysaccharidosis II or MPS II). In addition, it has a deep rare disease pipeline, which includes an ongoing strategic partnership for rare disease treatment development with WuXi Biologics and two collaborative agreements with the Horae Gene Therapy Center at the UMass Medical School for rare disease gene therapy research. In addition, CANbridge recently received marketing approval for its second commercial product, NERLYNX (neratinib), in Taiwan, for early stage HER2-positive breast cancer.
"We are grateful and humbled by the tremendous investor enthusiasm in CANbridge," said James Xue, PhD, Founder, Chairman and CEO, CANbridge Pharmaceuticals. "Since closing our $98 million Series D financing in February, CANbridge has strengthened its operating capabilities and achieved a number of milestones, including three marketing approvals, as the China rare disease market continues to generate momentum in the positive direction."
"As a leading pharmaceutical company in the rare disease sector, we believe CANbridge is well-positioned for commercialization of innovative drugs, and applaud its successful execution in drug development," said Cathy Chen, Managing Director of 3W Fund. "We are impressed by Management’s extensive experience and past track record and are truly excited to share in the next chapter of CANbridge’s success."