CANbridge Pharmaceuticals Completes $43 Million Series E Financing
Beijing, China; Cambridge, Massachusetts, December 1, 2020—CANbridge Pharmaceuticals Inc., a company developing and commercializing innovative drugs to treat rare diseases and targeted cancers, announced that it has completed a US$43 million Series E financing, led by 3W Fund Management. New investors include Casdin Capital, Summer Capital, SPDBI and Yaly Capital, with additional participation by existing investors, including Hudson Bay Capital Management, RA Capital Management, Hangzhou Tigermed Consulting Co. Ltd and LYFE Capital. The raise, which was expanded due to high demand, is a follow-on of the US$98 million Series D financing, completed in February. The proceeds will be used to expand the CANbridge rare disease pipeline through internal development and external partnerships, accelerate the clinical development of pre-clinical stage assets, prepare the commercial launch of CAN101 (Hunterase®) and supplement working capital.
CANbridge recently received marketing approval in China for its first rare disease candidate, Hunterase, for the treatment of Hunter syndrome (mucopolysaccharidosis II or MPS II). In addition, it has a deep rare disease pipeline, which includes an ongoing strategic partnership for rare disease treatment development with WuXi Biologics and two collaborative agreements with the Horae Gene Therapy Center at the UMass Medical School for rare disease gene therapy research. In addition, CANbridge recently received marketing approval for its second commercial product, NERLYNX® (neratinib), in Taiwan, for early stage HER2-positive breast cancer.
“We are grateful and humbled by the tremendous investor enthusiasm in CANbridge,” said James Xue, PhD, Founder, Chairman and CEO, CANbridge Pharmaceuticals. “Since closing our $98 million Series D financing in February, CANbridge has strengthened its operating capabilities and achieved a number of milestones, including three marketing approvals, as the China rare disease market continues to generate momentum in the positive direction.”
“As a leading pharmaceutical company in the rare disease sector, we believe CANbridge is well-positioned for commercialization of innovative drugs, and applaud its successful execution in drug development,” said Cathy Chen, Managing Director of 3W Fund. “We are impressed by Management’s extensive experience and past track record and are truly excited to share in the next chapter of CANbridge’s success.”
About 3W Fund Management Ltd.
3W Fund Management was incorporated in 2012 and is currently based in Hong Kong. 3W Fund Management is an investment management firm with expertise in equity investments. The firm currently manages two US-dollar denominated funds for institutional investors, including sovereign wealth fund, pension, and endowments globally. Adopting fundamental research methodology, the firm invests in both private and public markets. 3W Fund seeks to generate capital appreciation, with continuous efforts in company research and long-term investment horizon. 3W Fund is primarily focused on investments in consumer, TMT and healthcare sectors.
About CANbridge Pharmaceuticals Inc.
CANbridge Pharmaceuticals Inc. is a biopharmaceutical company accelerating the development and commercialization of specialty healthcare products for orphan diseases and targeted cancers to address unmet medical needs.
CANbridge has a global partnership with WuXi Biologics to develop and commercialize proprietary therapeutics for the treatment of rare genetic diseases. In greater China, where it is a recognized leader in orphan diseases, CANbridge has an exclusive licensing agreement to commercialize Hunterase, an enzyme replacement therapy for the treatment of Hunter syndrome, developed by GC Pharma and marketed in more than 11 countries worldwide. CANbridge also has a collaborative agreement with the Horae Gene Therapy Center at UMass Medical School for the research and development of gene therapies to treat rare genetic diseases. The CANbridge oncology portfolio includes exclusive rights to develop and commercialize Puma Biotechnology’s NERLYNX® (neratinib), which was recently approved in greater China, as well as rights to other novel candidates.
For more on CANbridge Pharmaceuticals Inc., please go to: www.canbridgepharma.com.
CANbridge Pharmaceuticals Inc.