Kasiga Therapeutics Secures Nearly RMB 100 Million in Pre-A+ Financing to Accelerate Innovation in Nuclear Receptor and GPCR-Targeted Drug Development

VCBeat (WeChat: vcbeat) has learned that Cascade (Shanghai) Pharmaceutical Technology Co., Ltd. (“Cascade”) recently announced the completion of its Pre-A+ financing round, raising nearly RMB 100 million.

This marks CASCADE’s latest funding round since completing its Pre-A financing in October 2020. The round was led by a fund under Xihu Innovation (Hangzhou) Equity Investment Co., Ltd., a new investor, with existing shareholders including Gaorong Ventures, Fuho Capital, and Gemdale Capital continuing to participate. Reportedly, the company will use the proceeds from this round to accelerate the subsequent research and development of multiple core products.

CASCADE, founded in 2017, specializes in the original innovative R&D of drugs targeting nuclear receptors and G protein-coupled receptors (GPCRs). The company focuses on addressing significant unmet clinical needs in metabolic and inflammatory diseases, with an emphasis on early-stage drug discovery, development, and subsequent commercialization.

CASCADE’s R&D team is jointly led by internationally renowned structural biologists and top scientists in the field of nuclear receptors. The founder, Dr. Xu Huaqiang, has long been engaged in structural research and drug development targeting nuclear receptors and GPCRs. He has achieved a series of innovative outcomes in structure determination, signal transduction mechanisms, discovery of novel functions, and related drug development. Dr. Xu has elucidated the three-dimensional structures of nearly one-third of all nuclear receptors and a series of important GPCRs. He has published more than 260 research papers in internationally renowned academic journals, including 30 articles in Cell, Nature, and Science. Additionally, he has participated in and led the development of blockbuster drugs such as Advair (Seretide) and AVANDIA (rosiglitazone).

Currently, CASCADE’s core R&D team comprises more than 40 professionals, with over two decades of accumulated expertise in innovative drug development targeting nuclear receptors and GPCRs for metabolic and inflammatory diseases. Centered on scientifically and clinically validated core targets, the company has established a comprehensive, full-cycle technical platform system for small-molecule drug discovery and development, primarily including platforms for drug design and synthesis, molecular and cellular analysis, pharmacodynamic evaluation, drug metabolism analysis, and in vivo toxicology assessment. Emphasizing original innovation and differentiated drug development, CASCADE has built a robust and risk-balanced pipeline of Class I novel drugs.

CS0159, the company’s most rapidly advancing drug candidate and a non-bile acid, full agonist targeting FXR, received approval from the U.S. Food and Drug Administration (FDA) in October 2021 and from China’s National Medical Products Administration (NMPA) in January 2022 to initiate clinical studies. A Phase I clinical trial for primary sclerosing cholangitis (PSC) has been launched in the United States, with dosing of Cohort II recently completed, offering the potential to provide patients with a safe and effective therapeutic option. Furthermore, CS0159 has been granted orphan drug designation for PSC by the U.S. FDA.

CS0159: A Non-Bile Acid Full Agonist Targeting FXR

Dr. Xu HuaqiangThe company stated: “Since the last round of financing, we have achieved several significant milestones and established a robust and risk-balanced pipeline of novel drug candidates. Our lead candidate’s Investigational New Drug (IND) application has received approval from both the U.S. FDA and China’s NMPA, and dosing for Cohort II in the Phase I clinical trial in the United States has been completed. For this financing round, we are honored to welcome Westlake Innovation Investment as a new investor, and we sincerely thank our existing shareholders—Gaorong Ventures, Fuho Capital, and Gemdale Capital—for their continued support and trust. With the joint support of both new and existing shareholders, CASCADE is confident in advancing its core products. Our R&D team will further accelerate the development of multiple innovative drugs, fulfilling our corporate mission of ‘Ensuring Accessible Treatments for Pain and Disease, Empowering Lives to Achieve Health.’”

For this investment,Lead Investor: Westlake Innovation Investmentstated: “CASCADE is an innovative enterprise dedicated to the research and development of novel nuclear receptor-targeting drugs and GPCR therapeutics. Its R&D team comprises scientists from globally renowned institutions in related fields, including GlaxoSmithKline, the Van Andel Institute, the Chinese Academy of Sciences, and Tsinghua University. With over 20 years of accumulated experience in innovative drug discovery, the company possesses first-class expertise in new drug development and a rich background in the biopharmaceutical industry, and it is also one of the pioneers in structure-based drug design and development. We are confident in the company’s innovation capabilities, R&D strategy, product pipeline, and team composition.”

Westlake Innovation Investment was established in August 2020. As an investment institution rooted in innovation and focused on the commercialization of scientific research achievements, it strategically prioritizes sectors such as biopharmaceuticals and advanced manufacturing. Westlake Innovation Investment is committed to identifying enterprises with source innovation capabilities, vigorously supporting top-tier scientists in their entrepreneurial ventures and the application of their research outcomes. By leveraging synergistic resources to foster corporate growth, the firm bridges the gap between scientific advancement and technology serving humanity.

Gaorong Ventures is one of China’s most active venture capital firms, focusing on early-stage and growth-stage investments with an emphasis on innovative sectors such as new consumer trends, emerging technologies, and healthcare. To date, 20 portfolio companies in which Gaorong has invested or taken equity stakes have gone public, while more than 30 have achieved valuations exceeding $1 billion, with many growing into industry leaders. Gaorong Ventures continues to prioritize the healthcare sector, investing in companies across digital health, medical services, novel drug development, medical devices, and diagnostics. Its portfolio includes Waterdrop Inc., Ping An Good Doctor, Xbiome, Abogen Biosciences, Constar Medical, and Vapy Medical.

Fuho Capital is a venture capital firm focused on the commercialization of scientific and technological achievements and early-stage investment in tech enterprises. It specializes in investments in sectors such as healthcare and advanced manufacturing, with a management team possessing extensive experience in both real industries and equity investment. Its healthcare portfolio includes numerous high-quality companies such as New Horizon Health (06606.HK), Airdoc Technology (02251.HK), Weizhen Biology [Medical Devices], Jinbaihui Biology [Medical Devices], CASCADE [New Drug R&D], Zhiben Pharma [New Drug R&D], Niulan Biology [Exosomes], Huazi Biology [Long-acting Proteins], Baiji Hongye [New Drug R&D], Youli Pharma [New Drug R&D], Luoqi Biology [Nanobodies], LinkCare Times [Pharmaceutical CDMO], and Ruishun Biology [Cell Therapy].