InventisBio Inc., a clinical stage biotech company, announced the closing of a $70 million USD Series C financing in January 2019.
This round of investment was co-led by Advantech Capital and CMBI, followed by Pudong Innotek. Also participating were existing investors Lilly Asia Venture (LAV) and OrbiMed Asia.
“The new investment will accelerate the development of our clinical candidates into phase 2 trials and help us develop first-in-class drug candidates into clinical stage,” said Dr. Yaolin Wang, InventisBio Chairman and CEO. “Our goal is to develop innovative drugs with our own intellectual property rights, to achieve global drug approvals based on international multi-center clinical trials for diseases with unmet medical needs. We are very pleased to have the support from top notch investment firms like Advantech and CMBI. Further funding from our previous rounds of investors LAV and OrbiMed Asia demonstrates the confidence of our strategic investors in our team and pipeline products for the global market.”
Benjamin Qiu, Partner and Co-Head of Healthcare Investment at Advantech, commented, “As an innovative biotech company, InventisBio has fully utilized the management team’s experiences in selecting targets with significant unmet medical needs and in small molecule drug design and development. With their clinical development expertise in both US and China, the team has quickly developed several unique and novel drug candidates into clinical trials. The D-0502, a selective estrogen receptor degrader (SERD) for ER-positive breast cancer, is a front-runner of similar products being developed globally. Healthcare is a key area of Advantech’s investment focus and we are pleased to support InventisBio in developing innovative products in clinical trials with the goal to benefit global patients.”
Source: Company Press Release