Connect Biopharmaceuticals Completes $55 Million Series B Financing to Advance Novel Immunomodulators

Recently, VCBeat (WeChat ID: vcbeat) learned that clinical-stage biopharmaceutical company Connect Biopharmaceuticals has completed a $55 million Series B financing round. The round was led by Shangcheng Investment, with existing shareholders Qiming Venture Partners, Kaifeng Ventures, and Northern Light Venture Capital participating as co-investors. China Renaissance served as the exclusive financial advisor to Connect Biopharmaceuticals for this financing transaction.

Conthera, founded in 2012 and headquartered in Taicang, Suzhou, Jiangsu Province, operates in Shanghai, Melbourne, and San Diego. As a clinical-stage biopharmaceutical company, it is dedicated to the discovery and development of novel immunomodulators for the treatment of autoimmune diseases and inflammatory conditions.

It is understood that the company plans to use the proceeds from this round of financing to conduct Phase II clinical trials of its lead candidate, CBP-307 (a next-generation S1P1 agonist), for patients with ulcerative colitis and Crohn’s disease. The funding will also support multiple ascending-dose clinical trials of CBP-201 (a high-potency IL-4Rα antibody) for the indication of atopic dermatitis.

“The successful financing underscores the significant progress our team has made in advancing our product pipeline over the past two years,” stated Dr. Wei Zheng, Co-founder and CEO of Conatus Therapeutics. “We are delighted by the continued rapid clinical development of CBP-307 and CBP-201, two internally discovered drug candidates. CBP-307 demonstrated excellent tolerability, pharmacokinetic properties, and biomarker activity in Phase I clinical trials, and is currently undergoing Phase II clinical trials for ulcerative colitis and Crohn’s disease. Meanwhile, interim safety analysis results from the recently completed first-in-human clinical trial of CBP-201 revealed an excellent safety profile and pharmacokinetic characteristics following subcutaneous administration, supporting multiple ascending dose studies in patients with atopic dermatitis.”

Jennifer Jin of Shangcheng Investment stated, “Shangcheng focuses on the healthcare sector and is committed to investing in growth-stage companies with the potential to become leaders in various fields of innovation. The Conmed team possesses deep expertise in T-cell immunomodulation. Leveraging this foundation, they have built a robust pipeline of drug candidates, bringing benefits to patients in China and around the world. We are delighted to join Conmed in jointly advancing these promising therapies.”

VCBeat conducted exclusive interviews with Dr. Wu-Bin Pan, Co-founder and Chairman of Connexon Biosciences; Dr. Wei Zheng, Co-founder and CEO of Connexon Biosciences; and Xiao Zhang, Vice President of iCapital, to bring you more exclusive insights into Connexon’s latest financing round. [【Exclusive】Kangnaide Secures $55 Million in Series B Financing】。 

Shangcheng Investment is a private equity fund launched in January 2016 by Mr. Yu Jianming, focusing on the growth of China’s innovation-driven industries and investing in healthcare, TMT (future internet), and electronic services.

Qiming Venture Partners, founded in 2006, is a leading Chinese venture capital firm with offices in Shanghai, Beijing, Suzhou, and Hong Kong. Qiming currently manages five U.S. dollar-denominated funds and four RMB-denominated funds, with assets under management totaling $4 billion, and is committed to becoming the investor of choice for China’s top entrepreneurs. Qiming’s healthcare investment team has consistently been one of the most active investors in China, with many of its healthcare portfolio companies now standing as the most influential brands in the medical industry.

Kaifeng Venture Capital, established in 2009, operates in China and the United States. It manages eight RMB-denominated funds and two USD-denominated funds, with assets under management exceeding RMB 5 billion. Kaifeng Venture Capital currently holds equity stakes in more than 40 healthcare portfolio companies across the pharmaceuticals, medical devices, diagnostics, and digital health sectors.

Northern Light Venture Capital is a leading Chinese venture capital firm dedicated to early-stage investments in innovative and disruptive technologies. Since its founding in 2005, NLVC has supported more than 250 companies in the TMT, healthcare, and advanced technology sectors.

China Renaissance Capital Limited, founded in 2000, is a leading Chinese investment bank and investment institution focused on the upgrading and restructuring of the new economy and traditional industries, with key sectors including TMT, new consumption, and healthcare.