CANbridge Life Sciences Raises $10 Million in Series a Round Led by Qiming Venture Partners
Beijing, China, December 2, 2014— CANbridge Life Sciences, a biopharmaceutical company focused on developing Western drug candidates in China and North Asia, announced that it has raised $10 million in a Series A round from Qiming Venture Partners and TF Capital, a venture fund initiated by the leading Chinese CRO, Tigermed. Founded in 2012, CANbridge has been predominantly funded to date by angel investment from U.S. and Chinese Life Science executives. CANbridge will leverage the new round of funding for the continued expansion of its business development and operations.
“CANbridge has attracted top-notch venture funds, with some of the most impressive track records in Chinese life science industry, for our Series A round, validating our ‘in China for Asia strategy’ and demonstrating their commitment to our model. CANbridge aims to bring life-changing Western therapies sooner to fast-growing, but medically underserved, Asian markets,” said James Xue, PhD,MBA, CANbridge’s Founder, Chairman and CEO. “CANbridge already has entered into partnerships with several Western bio-pharmaceutical companies to develop and commercialize oncology products with potential to treat millions of Chinese patients, a strategy we will continue to execute even more aggressively with the backing of our investors.”
“We are very pleased to participate in CANbridge’s Series A round, together with TF Capital. With its seasoned management team, unique global R&D experiences and deep understanding of the China market, CANbridge holds great potential in bringing products with substantial values to China and Asia markets”. said William Hu, partner of Qiming Ventures. “We are excited to be a part of CANbridge’s journey to meet the unmet medical needs of Chinese and Asian populations.”
About CANbridge Life Sciences
CANbridge Life Sciences, Ltd. is a bio-pharmaceutical company accelerating development and commercialization of specialty healthcare products for serious and critical medical conditions in China and North Asia (Korea and Taiwan). CANbridge develops partnerships with Western bio-pharmaceutical companies with clinical-stage pharmaceutical, medical device or diagnostic products that are either unavailable in China/North Asia or address medical needs that are underserved in the region. CANbridge also licenses or obtains exclusive rights to commercialize drug and device products that are approved in their home markets for commercialization in China and North Asia. CANbridge has an exclusive licensing agreement with U.S.-based Azaya Therapeutics, Inc., to develop and commercialize ATI-1123 in China, for the treatment of non-small cell lung cancer and other solid tumors. CANbridge also has an agreement with EUSA Pharma, a Jazz Pharmaceuticals company, to commercialize Caphosol® in China for the prevention and treatment of oral mucositis caused by cancer treatments.
Led and backed by a highly-seasoned executive team, with extensive Chinese drug development experience, CANbridge has the capability to select, acquire, develop and commercialize future therapeutics and diagnostics targeting the unmet medical needs of Chinese and East Asian patients with serious or critical conditions.
CANbridge is privately-held and headquartered in Beijing, China. For more on CANbridge Life Sciences, please go to www.canbridgepharma.com.
James Xue, CEO