Chinese venture capital firm Qiming Venture Partners has participated in the $55-million Series B round of Connect Biopharmaceuticals, a clinical-stage company focused on discovery and development of immune modulators for the treatment of auto-immune diseases.
The Series B round, led by new investor Advantech Capital, also attracted investments from Northern Light Venture Capital, and Cowin Venture. CEC Capital acted as the exclusive financial advisor for the financing, according to a statement.
The fund raised will be used for the two ongoing Phase 2 clinical trials of its lead drug candidate and support a planned multiple ascending dose clinical trial of CBP-201, a highly potent IL-4Rα antibody, in patients with atopic dermatitis.
In conjunction with the financing, Jennifer Jin, Partner at Advantech Capital, will join Connect’s Board of Directors.
Founded in 2012, Connect Biopharmaceuticals is a clinical-stage company that discovers and develops novel immune modulators for the treatment of autoimmune diseases and inflammation.
“The successful financing speaks to the significant progress the Connect team has made in advancing our product pipeline in the past two years,” said Dr. Zheng Wei, Co-founder and CEO of Connect.
Qiming Venture Partners, last June, took the lead in the $37-million first close of Shanghai-based biopharmaceutical firm Alpha Biopharma (AlphaBio)’s Series A financing.
The venture capital firm is seeking to raise $250-300 million for its second US healthcare fund, founding managing partner Gary Rieschel told DEALSTREETASIA recently.
Qiming had in April this year announced the final close for Qiming US Healthcare Fund I with $120 million in commitments. It had also closed two other funds, Qiming Venture USD Fund VI ($935 million) and Qiming Venture RMB Fund V (￥2.1 billion), mopping up a total of $1.39 billion across the three new funds.
Founded in 2006, Qiming has offices in Shanghai, Beijing, Suzhou, Shenzhen and Hong Kong. In 2017, Qiming raised its first US fund and set up Qiming’s US offices in Seattle, Boston, and Palo Alto.