China: Qiming Venture joins $55m Series B round of Connect Biopharma

Visual from Therapure Biopharma's website.

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.

Also Read:

Qiming-backed biopharma firm Antengene raises $120m Series B round

Qiming Ventures to decide in a year if Southeast Asia deserves its own fund

Exclusive: Qiming Ventures seeks $250-300m for second US healthcare fund 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.