Zenas BioPharma secures $118 million financing

Sino-American drug developer Zenas BioPharma today announced proceeds of $118 million in connection with the issuance of Series B preferred shares.

As well as Enavate Sciences, which led the Series B equity financing, new Zenas shareholders include Longitude Capital, Vivo Capital, Rock Springs Capital, Perceptive Advisors, Agent Capital, Pivotal bioVenture Partners and Superstring Capital. Existing investors Fairmount, Wellington Management, Tellus BioVentures, Quan Venture Fund, and Xencor, also participated in the financing, which included the infusion of new capital as well as the conversion of convertible notes issued to certain of the investors in advance of the closing of the Series B financing.

Zenas plans to use the proceeds to support the clinical advancement of the company’s lead product candidate obexelimab, including a global Phase III registration trial in patients with IgG4-related disease (IgG4-RD), which will be initiated in late 2022.