Connect Biopharmaceuticals completes $55 million Series B financing
Chinese drug developer Connect Biopharmaceuticals has completed a $55 million Series B financing led by new investor Advantech Capital with participation by current investors Qiming Venture Partners, Northern Light Venture Capital, and Cowin Venture. CEC Capital acted as the exclusive financial advisor for the financing.
The company plans to use the proceeds to fund the two ongoing Phase II clinical trials of its lead drug candidate CBP-307, a next-generation S1P1 agonist, in patients with ulcerative colitis and Crohn's disease. The proceeds will also support a planned multiple ascending dose clinical trial of CBP-201, a highly potent IL-4Rα antibody, in patients with atopic dermatitis.
In conjunction with the financing, Jennifer Jin, a partner at Advantech Capital, will join Connect's board of directors.
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