Abbisko Therapeutics, an innovative biopharmaceutical company based in Shanghai Zhangjiang High Tech Park, recently announced the completion of a $70 million Series C financing. The investment was led by Temasek, joined by existing investors including Qiming Venture Partners, Jianxin Capital, GIC, Lilly Asia Ventures, CICC Capital, Loyal Valley Capital. This financing brings the total equity capital that the company has raised since its inception in 2016 to $140 million.
The proceeds from this financing will be used to advance the company’s four clinical programs and further expand its discovery pipeline consisting of multiple programs in IND enabling and discovery stages in oncology targeted therapy and immuno-oncology areas.
In the last twelve months, Abbisko advanced two internally discovered and developed pre-clinical candidates into the clinical stage with IND approvals in the US, mainland China and Taiwan. Phase I clinical trials have either been initiated or in active preparation in these countries and region. Abbisko also completed two strategic collaborations to strengthen its portfolios by in-licensing two clinical stage assets from X4 Pharmaceuticals and AstraZeneca PLC.
Dr. Yao-Chang Xu, founder and CEO of Abbisko Therapeutics commented on the successful completion of series C financing, “We’re very pleased that internationally well-known investment company Temasek has led this series of financing. We are equally pleased to get continued funding support from our previous investors including Qiming Venture Partners, Jianxin Capital, GIC, Lilly Asia Ventures, CICC Capital, and Loyal Valley Capital. The fund raised in Series C will allow us to rapidly advance our clinical programs and continue to move forward the portfolio of novel cancer therapies in the discovery and early development stages”.
About Abbisko Therapeutics
Founded in 2016, Abbisko is an oncology focused biopharmaceutical company dedicated to the discovering and developing innovative medicines to transform patients’ lives in China and around the world. The company was founded by a group of industry veterans with decades of experience from top pharmaceutical companies. Abbisko focuses on novel and high potential targets to develop FIRST-IN-CLASS or BEST-IN-CLASS molecular entities. Since its founding, Abbisko has advanced two internally discovered small molecule drug candidates into the clinical stage. The company has also built up an extensive discovery pipeline in targeted therapy and immune-oncology areas consisting of multiple programs in candidate and lead optimization stages.
Temasek is an investment company with a net portfolio value of S$313 billion (RMB1.55t) as at 31 March 2019. Our three roles as an Investor, Institution and Steward, as defined in our Temasek Charter, shape our ethos to do well, do right and do good. Our investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world. Headquartered in Singapore, we have 11 offices around the world. For more information on Temasek, please visit www.temasek.com.sg