US and China-based clinical-stage biopharmaceutical firm Connect Biopharma on Monday announced the completion of a $115-million Series C round of financing led by new investor RA Capital Management, a Boston-based multi-stage investment company.
Biomedical venture capital firm Lily Asia Ventures, San Diego-based biotech investment fund Boxer Capital and HBM Healthcare Investments, a Swiss investment firm in the healthcare field, joined existing investor Qiming Venture Partners in the new round, said Connect Biopharma in a statement.
RA Capital principal Derek DiRocco will join Connect Biopharma’s board of directors.
Founded in 2012, Connect Biopharma operates as a clinical-stage biopharma firm focused on the discovery and development of novel immune modulators for the treatment of autoimmune diseases and inflammation. Connect Biopharma plans to use the proceeds to support the ongoing clinical trials of its lead drug candidates.
In January 2019, Connect Biopharma completed a $55-million Series B round led by China-focused private equity firm Advantech Capital, with participation from Qiming Venture Partners, Northern Light Venture Capital (NLVC), and Cowin Venture.
Its $20-million Series A round was led by Qiming Venture Partners in January 2017, following a $5-million Series Pre-A round from Cowin Venture, Anlongmed Fund, and XinYue Equity.