With early-stage studies underway, Connect Biopharmaceuticals closes $55M round to advance immune modulators
Having selected a second immune modulator to move into the clinic eight months ago, Connect Biopharmaceuticals now has $55 million to help fund its development.
The Suzhou-based biotech welcomed Advantech Capital as the lead investor in the Series B, which also featured familiar faces at Qiming Venture Partners, Northern Light Venture Capital, and Cowin Venture.
The money will go toward a multiple ascending dose trial of CBP-201, a IL-4Rα antibody, in patients with atopic dermatitis. As with lead drug CBP-307, Connect started human studies in Australia, with China applications likely to follow.
“An interim safety review of the first-in-human CBP-201 clinical trial has shown an excellent safety and pharmacokinetic profile and supports progression into a multiple ascending dose study in patients with atopic dermatitis,” said co-founder and CEO Wei Zheng in a statement.
CBP-307 — a next-gen S1P1 agonist — is in Phase II for ulcerative colitis and Crohn’s disease. Additional indications that Connect will explore in China include plaque psoriasis, rheumatoid arthritis and multiple sclerosis.
The new cash follows a $20 million Series A round closed in early 2017. Advantech partner will join Connect’s board of directors.