Ascentage Pharma Closes US15.5M Series A Financing Round
Summary
Ascentage Pharma, a Hong Kong-based clinical-stage biopharmaceutical company focusing on discovery and development of targeted small-molecule cancer therapies, closed a US15.5m Series A financing round.The round was co-led by Oriza Capital and YuanMing Capital, with participation from EFung Capital, BioVenture Capital, Grains Valley Venture Capital, among others.The company, which had previously received US$3m strategic investment from 3SBio, one of Chinas largest biotechnology companies recently listed on Hong Kong Stock Exchange (1350. HK) to advance its clinical development programs and research programs, to upgrade and expand its current CMC facilities and manufacturing infrastructure.Co-founded by Dajun Yang, M.D. Ph.D., Ming Guo, Ph.D., and Shaomeng Wang, Ph.D. in 2009 Ascentage Pharma is dedicated to the R&D and commercialization of targeted small molecule cancer therapies. The companys current pipeline includes a pan Bcl-2 inhibitor in Phase II trials in both China and the US and a small-molecule antagonist of the IAP family proteins in Phase I trials in both China and Australia; one new drug submitted for IND approval, two additional drugs ready for IND filing in 2015 and several preclinical discovery programs targeting key oncogenic drivers in human cancer.