Chinese biotech company InventisBio raises $147m in Series D round
InventisBio, a Chinese biotech company focused on small molecule drugs, has raised $147 million in a Series D funding round.
The funding round of the clinical stage company was led by Hillhouse Capital affiliate GL Ventures. Other new investors are Qiming Venture Partners, Janchor, Matrix Partner China, AIHC Capital, Dyee Capital, and E Fund Capital among others.
InventisBio also saw the participation of its existing shareholders – Lilly Asia Venture, OrbiMed Asia, AdvanTech Capital, CMB International, and Pudong Innotek.
Presently, InventisBio has three drug candidates in the mid- to late-stage clinical development, along with one new product that just moved into global phase 1 clinical study.
Among these, D-0502 is an oral selective estrogen receptor degrader (SERD) that also functions as an estrogen receptor antagonist, with therapeutic potential in hormone receptor positive breast cancer.
Another key product candidate of the Chinese biotech company is a third-generation EGFR-T790M tyrosine kinase inhibitor called BPI-D0316. The company has out-licensed China right of the tyrosine kinase inhibitor to Betta Pharma.
Currently, BPI-D0316 is in registration trials of first- and second-line treatment of EGFR-mutated non-small cell lung cancer patients.
Dr. Yaolin Wang – Chairman and CEO of InventisBio said: “InventisBio is committed to developing first- and best-in-class innovative drugs for cancer and other major diseases. We are grateful and honored to have Hillhouse’s GL Ventures led this series D round and thankful to other top investment funds, as well as the continued support from the existing investors.
“This investment demonstrated the recognition of our strong pipeline and fully integrated innovative R&D platform by top healthcare investors. It also shows our strategic investors’ confidence in the future success of our company as a key player in the global pharmaceutical market.”
Funds raised in the Series D round will be used primarily by InventisBio for supporting its current products into phase 2 clinical studies in China and the US. These include, supporting D-0502 trials in hormone receptor positive breast cancer and also that of D-0120 in gout.
Furthermore, the proceeds will be used towards the global clinical development of other new drugs, and also on further growth of its product pipeline and team.
Michael Yi – co-chief investment officer of Hillhouse Capital and head of biomedicine and medical devices of GL Ventures said: “As a small molecule innovative drug research and development company, InventisBio has an in-depth knowledge of small molecules’ structure activity relationship and integrated understanding and experience in the efficient and successful development of novel molecules.
“The founding members have more than 20 years of experience in drug discovery and development, thorough understanding of drug’s mechanism of action and selection of lead candidate for development. Since its establishment, InventisBio has balanced innovation and druggability, and has effectively developed multiple assets for diseases with unmet clinical needs.”
In March 2019, the Chinese biotech company raised $70 million in a Series C round that was co-led by Advantech Capital and CMBI.