On November 27, 2019 Clover Biopharmaceuticals, a global clinical-stage biotechnology company focused on developing novel and transformative biologic therapies, reported the completion of a US$ 43 million (RMB 304 million) Series B financing (Press release, Clover Biopharmaceuticals, NOV 27, 2019, View Source [SID1234551764]). This financing round brings Clover’s total capital raised since 2016 to over US$ 100 million (over RMB 750 million).

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The Series B round was led by Delos Capital and Lapam Capital, with participation from Betta Capital, Sichuan Health Care Industry Fund, Beijing Zhongguancun VC and Jinlong Group. Concurrent with the financing, Mr. Tim Xiao, CFA, FRM, Principal of Delos Capital and Mr. Guangyu Xu, Partner of Lapam Capital, will join Clover’s board of directors. BFC Group served as exclusive financial advisor to Clover for the financing round.

The proceeds will support the continued clinical development of Clover’s biological candidates, operations of its new commercial-scale cGMP biomanufacturing facility, and expansion of its preclinical R&D pipeline utilizing its innovative and proprietary Trimer-Tag© technology platform. SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies (malignant ascites, malignant pleural effusions, and peritoneal carcinomatosis), has initiated multiple Phase I clinical trials globally in both Australia and China. SCB-808, a proposed biosimilar of Enbrel (etanercept) being developed in the prefilled syringe formulation, is expected to enter Phase III clinical testing in 2019. Clover’s state-of-the-art 35,000m2 cGMP biomanufacturing facility, with initial 2 x 2,000 L bioreactor capacity, has completed construction and will support Clover’s clinical trials as well as future commercial production.

"As a research-based, science-driven biotechnology company, our mission has always been to bring our innovative biologic therapies to the world by leveraging our proprietary Trimer-Tag© drug development platform with global IP position, state-of-the art cGMP biomanufacturing capabilities, and passionate team of scientists and highly-experienced industry professionals," said Dr. Peng Liang, co-founder, Chairman and President of Clover. "We look forward to using the proceeds from this financing round to further accelerate our drug development and move closer to our goal of becoming the first truly-innovative global biologics R&D powerhouse founded in China."

"We are pleased to complete this financing round, as it will allow us to advance our lead biologic candidates into late-stage clinical development, expand our internal R&D capabilities and continue to build a world-class team," said Joshua Liang, Chief Strategy Officer and Board Director of Clover. "As one of the few global biotechnology companies based in China with both a truly innovative drug development platform and in-house cGMP biomanufacturing capabilities, we are pleased that renowned investors have recognized the potential of our company."

"We are proud to invest in Clover, which has made great strides in advancing its proprietary platform technology from concept to human clinical proof-of-concept and is targeting diseases of high unmet medical needs globally. We look forward to supporting the company in their development and also helping to create additional value from global collaborations," said Tim Xiao, Principal of Delos Capital.

"We are very impressed with Clover’s fully-integrated biologics development capabilities as well as its scientific team and technology platforms. We look forward to helping Clover bring their innovative and impactful medicines to market quickly and efficiently for the benefit of patients," said Guangyu Xu, Partner of Lapam Capital.