The funding round also saw the participation of TF Fund and the LYZZ Healthcare Venture Fund, according to a AlphaBio press release. The firm is looking at raising $65 million for the entire Series A financing round.
A clinical stage company focusing on research and development of therapeutics for unmet medical needs, AlphaBio said it will use the proceeds to conduct a global multi-center Phase II clinical study of its lead product, AZD3759, and expand its product pipeline.
The company describes its lead product as a next-generation small molecular tyroine kinase inhibitor specifically designed to treat lung cancer patients with central nervous metastases, a form of cancer that spread to different part of the body from where it started.
“The strong financial support by Qiming Venture Partners and other prominent financial investors will allow us to further accelerate our commercial development of AZD3759 across the Asia Pacific region,” said James Liu, COO of AlphaBio.
As lead investor in the financing round, Qiming Venture Partners has appointed managing partner Dr. William Hu to the Board of Directors of AlphaBio.
In April, Qiming Venture Partners announced the successful close of three new funds totaling $1.39 billion, with focus on investing in Chinese and US tech and healthcare firms.
The venture capital firm said it has closed Qiming Venture USD Fund VI, with $935 million in commitments; Qiming Venture RMB Fund V, with Rmb2.1 billion ($335 million) in commitments; and Qiming US Healthcare Fund I with $120 million in commitments.
The three new funds bring Qiming’s total funds under management to over $4 billion across 12 funds, the company said.
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.