High-profile Chinese investor Vincent Cheung plays a lead role in raising $100M round for a Boston start-up
Vincent Cheung, the high-profile venture investor at Nan Fung Technology’s Pivotal Beta, took a leading role in putting together a mega-round of $100 million for a biotech upstart called Stealth BioTherapeutics.
Stealth CEO Reenie McCarthy says they’ll use the cash to pay for a Phase IIb study of their drug elamipretide for age-related macular degeneration as they push through a pivotal trial for mitochondrial myopathy and a Phase II/III clinical trial in Barth syndrome.
The huge round illustrates yet again the kind of high impact Chinese investors are playing in the US biotech scene. Noted McCarthy:
“We particularly welcome our new investors’ deep experience within the China healthcare market, which we view as an important frontier both for rare mitochondrial diseases under China’s recent rare disease initiative, as well as for diseases of aging.”
Bloomberg recently reported that Stealth is planning to sell shares on the Hong Kong market, which has been sizzling hot with a high level of investor interest recently.
The Nan Fung group was joined by Atlantis Investment Management, BVCF Management, CMBC Capital Holdings, Kingdon Capital, Ocean Equity Partners and Sagamore Investments, and existing investor Morningside Venture.