Bengaluru: Ascletis, a U.S. based healthcare startup announces that it has raised $35 million in Series B financial round led by C-Bridge Capital along with Tasly Pharmaceutical and Pavilion Capital, valuing the company close to $350 million. Using the fresh funds, the company plans to expand its operations, strengthen its developmental capabilities and enhance GMP commercial manufacturing. This is Ascletis’ second fundraising. Prior to this, the company had raised $100 million in its Series A funding round led by Hangzhou Binjiang Investment Holding in 2011.
“With the support of the investors, Ascletis is now entering an exciting new era. We’re very happy that our accomplishments and potential are recognized by the investors. This financing provides the necessary capital to help us expand our pipeline,” says Jinzi J. Wu, Founder, President & CEO Ascletis. “Through internal R&D and global in-licensing efforts, Ascletis continues to develop innovative drugs to meet clinical needs in China as well as in the rest of the world,” he added.
Speaking about the new investment, Wei Fu, CEO, C-Bridge who will join the company’s board post this financing cites, “The proven track record of Ascletis’ team, together with its excellent portfolio and clear strategy, creates a very compelling future. We are pleased to participate in the exciting model Ascletis is developing, and look forward to assisting the company in pursuit of its vision, to bring breakthrough treatments to the Chinese market and to be a leading innovator in China”.
Founded in 2011, Ascleti is the joint venture of U.S. and Chinese entrepreneurs. The company aims at building a worldwide specialty therapeutics business which will exclusively concentrate on discovering and developing new treatments for cancer and other infectious diseases. It uses the European innovation & pharmaceutical strategies along with Chinese financing efficiency to establish accelerated revenues and commercialize new medicines.
Till date, the company has added four late-stage candidates to its product portfolio: ASC08, a clinical stage HCV protease inhibitor licensed from Roche; ASC16, a clinical stage HCV NS5A inhibitor licensed from Presidio Pharmaceuticals; ASC06, a clinical stage, first-in-class, RNAi therapeutic for the treatment of liver cancers licensed from Alnylam Pharmaceuticals; and ASC09, a next-generation HIV protease inhibitor licensed from Janssen, a Johnson & Johnson company.