ABM Therapeutics Raised $20 million in Series A+ Round

According to VCBeat, ABM Therapeutics, a biomedical company focused on the development of small molecules that can break through the blood-brain barrier, has recently completed a $20 million A+ round of financing, led by China Growth Capital (CGC), with participation from Sinopharm Capital, Panlin Capital and Juming Venture Capital. Existing shareholders Kaitai Capital and LongDAC also injected money into the latest round. 

The funds raised will be used to accelerate the clinical research of ABM-1310 and the development of several existing projects in the preclinical stage, and further enrich the pipeline, to create sustainable value in the R&D of small molecules.

ABM Therapeutics is a leading innovative drug discovery company focusing on small molecule targeted therapy for the possible treatments of brain cancers including GBM, as well as brain metastasis from lung cancer, breast cancer and melanoma. Founded by an experienced group of scientists and entrepreneurs with successful track record, the company is committed to diligently search and deliver best-in-class and first-in-class medicines for the needed patients worldwide.

In June 2017, ABM Therapeutics completed its angel round financing. Later in January 2019, the company raised Series A financing led by Kaitai Capital with participation from WISDOMONT, Viva Biotech and other investors.

Huang Qing, the co-founder and chief operating officer of ABM Therapeutics, said, "With the smooth enrollment and comprehensive promotion of our second-generation BRAF inhibitor ABM-1310 in multi-clinical centers overseas, we are actively seeking cooperation with multinational pharmaceutical companies and Chinese pharmaceutical companies."

CGC is a China-focused seed and early venture investor since 2006. The firm funds seed to Series B in enterprise software and services, frontier technologies, marketplace, and consumer sectors. The typical investment size ranges from $1M to 5M with a hard cap ceiling at $15M per company. CGC manages 8 billion RMB (approximately $1.2 billion) across its different RMB and USD funds.

Founded in June 2012, Sinopharm Capital is a private equity arm of China National Pharmaceutical Group Corporation that specializes in medical and healthcare, pharmaceuticals, biotechnology, medical devices, healthcare and medical supply, and services for elderly and persons with disability. It seeks to invest in China.