In a round co-led by existing investors YuanMing Prudence Fund and Oriza Seed Venture Capital as well as new investor Teng Yue Partners, Chinese anti-tumor drug research firm Ascentage Pharma has secured a funding of approximately $150 million in a Series C financing.
The company intends to use the funds to support its product pipeline and build R&D centres and manufacturing facilities.
Led by Dr. Dajun Yang, Chairman and CEO, Ascentage Pharma is a globally-focused, clinical-stage biopharmaceutical company developing novel small molecule therapies for cancers, hepatitis B and age-related diseases.
Based on technology from the University of Michigan, the company’s expertise is in designing and developing therapeutics that inhibit protein-protein interactions to restore apoptosis, or programmed cell death, in cancers.
Ascentage has built a pipeline of seven clinical candidates, including a novel, highly potent Bcl-2/Bcl-xL inhibitor, APG-1252, as well as candidates aimed at IAP and MDM2-p53 pathways, and next-generation tyrosine kinase inhibitors.
