Singapore-headquartered Aslan Pharmaceuticals (ASLAN), a biotech company focused on the development of immunotherapies and targeted agents for Asia prevalent tumour types, Monday said it had secured $34 million in a Series C financing.
Accuron is a technology and engineering group with a global medical device and diagnostics business division – Accuron MedTech.
Other new investors included Tianda Pharmaceuticals Limited and Haitong International. Existing investors Morningside, Bioveda, Cenova and Sagamore Bioventures also participated in the round, the company said.
BioVeda is a Singapore-based healthcare fund whose existing investments include Paratek Pharmaceuticals, ConneXionsAsia and Clearbridge BioMedics.
Aslan said it would use the proceeds to further accelerate clinical development of its pipeline of four therapeutic agents, which it claimed had the potential to treat tumour types highly prevalent in Asia.
Its most advanced program, ASLAN001, is currently undergoing phase 2 trials in cholangiocarcinoma, gastric cancer, and breast cancer, and was recently awarded Orphan Drug Designation in cholangiocarcinoma by the US Food and Drug Administration.
In October 2013, ASLAN had raised $22 million to fund mid-stage clinical studies of a treatment for stomach cancer. That round was led by Cenova Ventures, and also included new investors Morningside Group and XinChen Ventures, all of which were new investors in the company. The Series B round had also seen participation from existing investors BioVeda Capital and Sagamore Bioventures.
In April 2011, the company had completed its $12 million Series A financing led by BV Healthcare II, and other investors in this round had included Sagamore Bioventures and entrepreneurs from China, Hong Kong and the United States.
Commenting on the Series C financing round, Dr Carl Firth, Chief Executive Officer of ASLAN, said: “We are delighted to receive such a strong level of support and confidence from our new and existing investors, including several notable strategic investors. This round will allow us to complete a further 10 clinical studies and potentially pivotal studies for ASLAN001. We are pleased to have the support of our investors in achieving our goal of developing novel and meaningful treatments for patient populations where there are high unmet needs.”