Clover Biopharmaceuticals Secures RMB 304 Million Series B Financing to Advance Clinical Development of Macromolecular Biopharmaceuticals

VCBeat (WeChat ID: vcbeat) learned at the earliest opportunity that on November 28, 2019, a company dedicated to the research and development of innovative and transformative biopharmaceuticalsGlobal Clinical StageBiopharmaceutical CompanySanyecao Biologics, announced the completion of its Series B financing round amounting to RMB 304 million (approximately USD 43 million). This round brings Clover Biopharmaceuticals' total funding raised since 2016 to over RMB 750 million (more than USD 100 million).

This financing round was led by Lapam Capital and Delos Capital, with participation from the Sichuan Health and Elderly Care Industry Equity Investment Fund, Beijing Zhongguancun Venture Capital, Beta Pharma Bio-pharmaceutical Industry Fund, and Jinlong Group. Following this round, Mr. Xu Guangyu, Partner at Lapam Capital, and Mr. Xiao Ting, Investment Director at Delos Capital, CFA, and FRM, will join the Board of Directors of Sichuan Sanyecao Bio-pharmaceutical Co., Ltd. BFC Group served as the exclusive financial advisor for this financing round.

The proceeds from this financing round will be used to support the clinical development of Clover Biopharmaceuticals’ macromolecular biopharmaceutical products, the operation of newly built commercial-scale cGMP production lines, and the expansion of its R&D pipeline developed based on its proprietary Protein Trimerization Technology platform. SCB-313, a Class I innovative oncology-targeted drug (recombinant fully human TRAIL-trimer fusion protein; indicated for intracavitary tumors), has undergone multiple Phase I clinical trials globally, including in Australia and China. Enbrel® (etanercept) biosimilar “SCB-808 pre-filled small-volume injection,” developed by Clover Biopharmaceuticals, is expected to enter Phase III clinical trials in China in 2019. Clover Biopharmaceuticals has completed the construction of its advanced 35,000-square-meter cGMP macromolecular biopharmaceutical production facility (with an initial capacity of 2 x 2,000 liters), which will provide strong support for its confirmatory clinical-stage and future commercial production needs.

Dr. Liang Peng, Founder, Chairman, and President of Sichuan Sanyecao Bio-pharmaceutical Co., Ltd. (Clover Biopharmaceuticals), stated: “As an R&D-based, science-driven biopharmaceutical company, we have been committed to developing innovative biological targeted therapies for millions of patients in China and around the world who lack access to modern biologics. Leveraging our proprietary and globally patented Trimer-Tag™ technology platform for novel drug development, advanced large-scale cGMP biopharmaceutical manufacturing capabilities, a passionate team of scientists, and seasoned industry experts, we strive to bridge this gap. We look forward to utilizing the newly raised funds to further accelerate our growth and promptly realize our vision of becoming China’s first global biopharmaceutical company truly dedicated to original large-molecule drug innovation.”

Mr. Liang Guo, Chief Strategy Officer and Director of Sichuan Sanyecao Bio-pharmaceutical Co.,Ltd., stated: “We are pleased to have completed this financing round, which will enable us to advance our investigational biopharmaceutical candidates into confirmatory clinical trials as soon as possible, expand our in-house R&D capabilities, and continue building a world-class team. As one of the few biopharmaceutical companies in China with an innovative biopharmaceutical technology development platform and in-house cGMP manufacturing capabilities, we are delighted to gain recognition from prominent investors for Sichuan Sanyecao and our strengths.”

Mr. Xu Guangyu, Partner at Longpan Investment, stated: “Sanyecao is a company with integrated capabilities for the development of large-molecule biologics. We are highly optimistic about Sanyecao’s R&D team and technology platform, and we look forward to helping Sanyecao bring its innovative and highly efficacious drugs to market as early as possible, thereby benefiting patients.”

Mr. Xiao Ding, Investment Director of Kangxi Global Investment Fund, stated, “We are honored to invest in Sichuan Sanyecao Bio-pharmaceutical Co., Ltd. The company has made significant progress in advancing its proprietary original patented technology platform from concept development to clinical trial stages, with a focus on addressing urgent unmet clinical needs worldwide. We look forward to supporting the company’s growth and helping it create greater value through global collaborations.”

Clover Biopharmaceuticals is a global, clinical-stage biopharmaceutical company dedicated to the research, development, and industrialization of innovative drugs and high-end biosimilars, with a focus on oncology and autoimmune diseases. Leveraging its proprietary Trimer-Tag© (protein trimerization) technology platform, Clover develops targeted trimeric innovative biologics that rely on trimeric functional structures. Additionally, by utilizing its own cGMP large-molecule biopharmaceutical manufacturing capabilities, Clover selectively develops high-end biosimilars.

Trimer-Tag© is an innovative biopharmaceutical technology R&D platform capable of constructing any secreted covalent trimeric fusion protein. Many therapeutic targets and signaling pathways for critical diseases rely on protein trimerization structures, such as the tumor necrosis factor (TNF) superfamily (involved in extrinsic apoptosis, immune co-stimulation, and inflammation) and surface antigens of enveloped RNA viruses responsible for host cell entry. Sichuan Sanyecao Bio-pharmaceutical Co., Ltd. utilizes its proprietary Trimer-Tag© patented technology to construct genetically engineered recombinant trimeric fusion proteins, enabling effective targeting of previously undruggable signaling pathways and drug targets.

Headquartered in Beijing, Longpan Investment is a leading venture capital firm specializing in the biopharmaceutical sector. Currently, Longpan Investment manages three funds with total assets under management exceeding RMB 2 billion. The funds focus on investing in innovative biopharmaceutical companies, including those developing novel small-molecule drugs, biologics, and innovative medical devices. Its investment scope covers all stages from start-up and early-to-mid stage to growth and mature phases. To date, Longpan Investment has invested in more than 30 innovative drug companies and over 10 innovative medical device companies. Notable portfolio companies include Beta Pharma, RemeGen, and Aier Eye Hospital Group’s affiliate Aibo Nuode (Aier Medical Technology). In 2018, new drug applications (NDAs) filed by its portfolio companies accounted for nearly 50% of all NDAs submitted by domestic pharmaceutical companies during the same period. The Longpan Investment team comprises several top-tier pharmaceutical investment experts who provide comprehensive value-added services urgently needed by its portfolio companies in innovative drugs and medical devices.

Kangxi Global Investment Fund is an investment firm focused on the pharmaceutical and healthcare industries, investing in growth platforms within Greater China and related innovations in the United States, specifically in new drug development and medical devices. Kangxi supports the development of such companies and is committed to creating added value through their collaborative synergies, thereby generating returns. Leveraging its extensive expertise and experience in both Greater China and the United States, Kangxi believes it is well-positioned to facilitate such collaborations. Kangxi Global Investment Fund currently manages two funds with a total asset under management exceeding USD 330 million.