SHANGHAI, March 11, 2019 /PRNewswire/ -- InventisBio Inc., a clinical stage biotech company, announced the closing of a $70 million USD Series C financing in January 2019. This round of investment was co-led by Advantech Capital and CMBI, followed by Pudong Innotek. Also participating were existing investors Lilly Asia Venture (LAV) and OrbiMed Asia.
"The new investment will accelerate the development of our clinical candidates into phase 2 trials and help us develop first-in-class drug candidates into clinical stage," said Dr. Yaolin Wang, InventisBio Chairman and CEO. "Our goal is to develop innovative drugs with our own intellectual property rights, to achieve global drug approvals based on international multi-center clinical trials for diseases with unmet medical needs. We are very pleased to have the support from top notch investment firms like Advantech and CMBI. Further funding from our previous rounds of investors LAV and OrbiMed Asia demonstrates the confidence of our strategic investors in our team and pipeline products for the global market."
Benjamin Qiu, Partner and Co-Head of Healthcare Investment at Advantech, commented, "As an innovative biotech company, InventisBio has fully utilized the management team's experiences in selecting targets with significant unmet medical needs and in small molecule drug design and development. With their clinical development expertise in both US and China, the team has quickly developed several unique and novel drug candidates into clinical trials. The D-0502, a selective estrogen receptor degrader (SERD) for ER-positive breast cancer, is a front-runner of similar products being developed globally. Healthcare is a key area of Advantech's investment focus and we are pleased to support InventisBio in developing innovative products in clinical trials with the goal to benefit global patients."
InventisBio is a clinical stage biotech company dedicated to the discovery and development of novel therapeutics against cancer and metabolic diseases. The company has three drug candidates in clinical development for breast cancer, lung cancer and gout. In Dec. 2018, the company licensed out 3rd generation EGFR-T790M inhibitor D-0316's China right to Betta Pharma, and is co-developing it in phase 2 clinical trial for non-small cell lung cancer. InventisBio received angel investment from Beautiful Mind Capital, Series A financing led by LAV in 2016 and Series B funding led by OrbiMed Asia with participation from LAV in 2017.
About Advantech Capital
Advantech Capital is a private equity fund, focused on innovation-driven growth capital in China. Its two main areas of investment are IT and Healthcare.
CMB International Capital Corporation Limited ("CMBI") is an integrated financial institution providing comprehensive and professional services. CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Equity and Structured Finance, etc.