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QIMING BACKS ABBISKO IN $42M SERIES B
来源:BY HONGJIANG LI, STAFF WRITER | 作者:BY HONGJIANG LI, STAFF WRITER | 发布时间: 65天前 | 554 次浏览 | 分享到:
Abbisko raised a $42 million series B round led by new investor Qiming Venture Partners to advance its oncology compounds into the clinic and further expand its discovery pipeline.

Abbisko raised a $42 million series B round led by new investor Qiming Venture Partners to advance its oncology compounds into the clinic and further expand its discovery pipeline.

Abbisko Therapeutics Co. Ltd. (Shanghai, China) plans to start Phase I trials of ABSK011 and ABSK021, its most advanced compounds, in the coming months. ABSK011 and ABSK021 are small molecule inhibitors of FGFR4 for hepatocellular carcinoma (HCC) and CSF1R for solid tumors, respectively.

The company is initially focusing on developing therapies against clinically validated targets for indications that are prevalent in China, including HCC. It plans to eventually develop small molecules against novel targets and is seeking partnerships across all therapeutic areas (see "Fast Boat to China").

Qiming’s William Hu told BioCentury the firm chose to invest now because "overall it is time for biotech in China to develop products internally to meet the unmet medical requirements in China."

Abbisko may need to seek another financing round in about two years, Hu said.

Also participating in the round were an undisclosed sovereign wealth fund, CICC Capital, Loyal Valley Capital and existing investors Lilly Asia Ventures and TF Capital Investments.

Lilly Asia Ventures led the company's $28 million series A round in 2017 (see "Abbisko Raises $28M in Series A").

Targets: CSF1R (C-FMS; CD115) - Colony-stimulating factor 1 receptor; FGFR4 (CD334) - Fibroblast growth factor receptor 4