SciNeuro Pharmaceuticals, a Chinese manufacturer of drugs for central nervous system (CNS) diseases, said that it has garnered $100 million in a Series A round funding jointly led by Lilly Asia Ventures (LAV) and Arch Venture Partners.
LAV is a Shanghai-based biomedical venture capital firm, while Arch Venture Partners is a US investment firm with a focus on life sciences, information technology, and physical sciences.
The latest funding round also saw participation from US global growth equity investor General Atlantic, Sequoia Capital China, Boyu Capital, life sciences-focused TF Capital, and Zoo Capital, SciNeuro announced on December 9.
SciNeuro will invest the latest funding proceeds in shoring up its pipeline in the Greater China region.
Founded in 2010 by Min Li — a venture partner at LAV, and a former hand at Johns Hopkins Medicine and GlaxoSmithKline — SciNeuro is dual-headquartered in Shanghai and Philadelphia. It has developed a portfolio pipeline through global and regional partnerships.
“One in every six people in China is living with a CNS condition, yet there are relatively few effective treatments available, underscoring the urgent need to develop and deliver novel, effective therapies. The impact of CNS diseases extends beyond patients – to their families and society as well,” said Min Li, who serves as the company’s CEO, in the statement.
In a similar deal in November this year, LAV had joined hands with Hillhouse Capital’s venture capital unit GL Ventures and Quan Capital to co-lead a $50 million Series A round financing in Chinese ophthalmic drugs maker Eluminex Biosciences Limited.