Clinical stage, small molecule drugs maker InventisBio Inc., has garnered 1 billion yuan ($147 million) in a Series D funding round led by venture capital firm Hillhouse Capital.
New investors who participated in the round included Qiming Venture Partners, MatrixPartners China, Hong Kong-based investment firm Janchor Partners, healthcare-focused AIHC Capital, DYEE Capital, and Utrust’s asset manager E Fund, InventisBio announced on Monday.
The round also saw participation from returning backers Lilly Asia Ventures (LAV), New York-based healthcare fund manager OrbiMed Asia, China Merchants Bank’s CMB International, Pudong Innotek, and China-centered AdvanTech Capital.
LAV is a long-term investor in InventisBio.
In March 2019, LAV had partnered with OrbiMed, CMB International, Pudong Innotek, and AdvanTech Capital to collectively infuse $70 million in InventisBio’s Series C round. Prior to that, LAV along with OrbiMed had invested $19 million in the company’s Series B round in 2017. It had also partnered state-owned Sinopharm Capital to invest $11 million in InventisBio’s Series A round in 2016.
Beijing-based financial institution China Renaissance served as the financial advisor for the latest funding.
Started in 2013 in Shanghai by Dr. Yaolin Wang, InventisBio develops safe and affordable immunotherapies and drugs for oncology and metabolic diseases such as breast cancer, lung cancer, and gout.
“The new investment will accelerate the development of our clinical candidates into phase 2 trials and help us develop first-in-class drug candidates into clinical stage,” said Dr. Yaolin Wang, InventisBio chairman and CEO, in the statement. “Our goal is to develop innovative drugs with our own intellectual property rights, to achieve global drug approvals based on international multi-center clinical trials for diseases with unmet medical needs.”
The fresh proceeds will be used to support drug candidates in phase II clinical trials in China and the US, fund the clinical development of new drugs globally, and also to expand the team, it said.