Lilly Asian Ventures backs Impact's PARP research again, chipping in for $30M Series C led by Decheng Capital
A Chinese biotech running after the “best-in-class” title in the PARP inhibitor field has gathered $30 million to fuel its still early-stage R&D work.
Decheng Capital led the Series C for Nanjing-based Impact Therapeutics, joined by existing investor Lilly Asian Ventures. LAV first backed Impact in 2014 together with Cenova and WuXi Ventures and later came back for a $10 million B round.
“Impact is an excellent Chinese company with products that can compete globally,” said Xiangmin Cui, founder and managing director of Decheng, in a statement.
It will be a while before we find out whether he’s right, as Impact’s lead drug has only shown preliminary efficacy in Phase I trials conducted in Australia and China. Meanwhile, AstraZeneca has lined up a China NDA for its blockbuster PARP drug Lynparza, with an approval expected within the year.
Under the leadership of CEO Ye Edward Tian, Impact has also begun searching for potential combos with other targeted cancer therapies. Their plan, according to their website, is to always start exploring collaboration and licensing deals as soon as their drugs enter clinical development.
“Our data indicates that IMP4297 could be more efficacious and/or less toxic than other PARP inhibitors currently in the market, making it a potential best-in-class drug,” said Sui Xiong Cai, Impact’s SVP and CTO. “With this series C financing, we are well-positioned to achieve key data milestones as we accelerate the clinical development of IMP4297, in the hope of bringing it to market and patients soon.”
Proceeds from the round will also bankroll Impact’s preclinical programs targeting cancer cells’ DNA damage response (DDR) — a mechanism that they believe can achieve selective killing of cancer cells.