CANbridge backed by $98m in Series D financing
CANbridge Pharmaceuticals holds a pipeline of products aimed towards oncology and rare disease, with a geographic focus on the Chinese market.
Investors signaled their confidence in the biotech’s pipeline by providing $98m (€90m) of financing in a Series D round.
The two leaders of the round were General Atlantic and fellow Chinese firm, WuXi AppTec – both investors hold the option to invest a further $10m each.
Additional investors included RA Capital Management, Hudson Bay Capital Management, YuanMing Prudence Fund and Tigermed.
Lefei Sun, MD and head of Healthcare for China at General Atlantic, explained the firm’s decision to provide financing: “The company has built a rich pipeline of candidates, and we believe that CANbridge is well-positioned to capture the substantial market opportunity in the Chinese biotechnology space.”
CANbridge stated that it would use the funds raised on the development and expansion of its rare disease pipeline, as well as the build out of its commercial-scale infrastructure and capabilities within China.
The biotech currently has one marketed product in China, which is Caphosol (saliva substitute solution), while it possesses two drug candidates currently submitting new drug applications (NDAs), in CAN030 and CAN101 – a treatment for breast cancer and mucopolysaccharidosis type II, respectively.
Beyond this, CANbridge is partnered with WuXi Biologics on five preclinical candidates for a variety of rare diseases.
