- Series B financing brings total capital raised since 2016 to over US$ 100 million (>RMB 750 million)
CHENGDU, CHINA, November 28, 2019 – Clover Biopharmaceuticals, a global clinical-stage biotechnology company focused on developing novel and transformative biologic therapies, today announced the completion of a US$ 43 million (RMB 304 million) Series B financing. This financing round brings Clover’s total capital raised since 2016 to over US$ 100 million (over RMB 750 million).
The Series B round was led by Delos Capital and Lapam Capital, with participation from Betta Capital, Sichuan Health Care Industry Fund, Beijing Zhongguancun VC and Jinlong Group. Concurrent with the financing, Mr. Tim Xiao, CFA, FRM, Principal of Delos Capital and Mr. Guangyu Xu, Partner of Lapam Capital, will join Clover’s board of directors. BFC Group served as exclusive financial advisor to Clover for the financing round.
The proceeds will support the continued clinical development of Clover’s biological candidates, operations of its new commercial-scale cGMP biomanufacturing facility, and expansion of its preclinical R&D pipeline utilizing its innovative and proprietary Trimer-Tag© technology platform. SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies (malignant ascites, malignant pleural effusions, and peritoneal carcinomatosis), has initiated multiple Phase I clinical trials globally in both Australia and China. SCB-808, a proposed biosimilar of Enbrel (etanercept) being developed in the prefilled syringe formulation, is expected to enter Phase III clinical testing in 2019. Clover’s state-of-the-art 35,000m2 cGMP biomanufacturing facility, with initial 2 x 2,000 L bioreactor capacity, has completed construction and will support Clover’s clinical trials as well as future commercial production.
“As a research-based, science-driven biotechnology company, our mission has always been to bring our innovative biologic therapies to the world by leveraging our proprietary Trimer-TagÓ drug development platform with global IP position, state-of-the art cGMP biomanufacturing capabilities, and passionate team of scientists and highly-experienced industry professionals,” said Dr. Peng Liang, co-founder, Chairman and President of Clover. “We look forward to using the proceeds from this financing round to further accelerate our drug development and move closer to our goal of becoming the first truly-innovative global biologics R&D powerhouse founded in China.”
“We are pleased to complete this financing round, as it will allow us to advance our lead biologic candidates into late-stage clinical development, expand our internal R&D capabilities and continue to build a world-class team,” said Joshua Liang, Chief Strategy Officer and Board Director of Clover. “As one of the few global biotechnology companies based in China with both a truly innovative drug development platform and in-house cGMP biomanufacturing capabilities, we are pleased that renowned investors have recognized the potential of our company.”
“We are proud to invest in Clover, which has made great strides in advancing its proprietary platform technology from concept to human clinical proof-of-concept and is targeting diseases of high unmet medical needs globally. We look forward to supporting the company in their development and also helping to create additional value from global collaborations,” said Tim Xiao, Principal of Delos Capital.
“We are very impressed with Clover’s fully-integrated biologics development capabilities as well as its scientific team and technology platforms. We look forward to helping Clover bring their innovative and impactful medicines to market quickly and efficiently for the benefit of patients,” said Guangyu Xu, Partner of Lapam Capital.
About Clover Biopharmaceuticals
Clover Biopharmaceuticals is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing transformative biologic therapies, with a focus on oncology and autoimmune diseases. Clover is utilizing its proprietary Trimer-Tag© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house cGMP biomanufacturing capabilities to develop select biosimilars. For more information, please visit our website: www.cloverbiopharma.com.
About Trimer-Tag© Technology
Trimer-Tag is an innovative drug development platform which allows the production of novel, covalently-trimerized fusion proteins. Many major disease targets are trimerization-dependent such as the tumor necrosis factor (TNF) superfamily (involved in extrinsic apoptosis, immune co-stimulation and inflammation) as well as enveloped RNA virus antigens responsible for entry into host cells. Clover is using its Trimer-Tag technology with global IP position to develop recombinant trimerized fusion proteins that are able to effectively target these previously undruggable pathways.
About Delos Capital
Delos Capital is a healthcare-focused fund, investing in growth platforms in Greater China and relevant innovation in the U.S. in both therapeutics and medical technology areas. Delos Capital seeks to achieve returns through supporting these companies in their development and also helping to create additional value from collaboration between these companies. With the extensive expertise and experience in both Greater China and the US, Delos Capital believes that it is well positioned to help with such collaboration. Delos Capital currently manages two funds, with over US$ 330 million in total capital under management. For more information, please visit Delos Capital’s website: http://www.delos.capital/.
About Lapam Capital
Lapam Capital is a leading healthcare-focused venture capital firm in China and manages 3 funds with over RMB 2 billion in capital under management. Lapam Capital targets start-up, early-stage and fast-growing companies that have innovative and disruptive healthcare technologies, including small-molecule therapies, biologics, and medical devices. Lapam Capital has invested in over 30 biopharmaceutical companies and 10 medical device companies to date; representative investments include Betta Pharmaceuticals, RemeGen and Eyebright Medical Group. In 2018, Lapam Capital’s biopharmaceutical investment portfolio generated nearly half of all NDA (New Drug Application) filings for innovative new drugs in China. With an investment team comprised of seasoned industry experts, Lapam Capital provides comprehensive value-added services tailored for its healthcare portfolio companies.