AsianScientist (Dec. 18, 2015) – ASLAN Pharmaceuticals, a biotech company focused on the development of immunotherapies and targeted agents for Asia prevalent tumor types, has secured US$34 million in a Series C financing. The financing was led by Accuron Technologies Limited, a wholly—owned subsidiary of Temasek Holdings.
Accuron is a global technology and engineering group with a leading global medical device and diagnostics business division, Accuron MedTech. Other new investors included Tianda Pharmaceuticals Limited and Haitong International. Existing investors Morningside, Bioveda, Cenova and Sagamore Bioventures also participated in the round.
ASLAN plans to use the proceeds to further accelerate clinical development of its pipeline of four novel therapeutic agents that have the potential to treat tumor types highly prevalent in Asia.
Its most advanced program, ASLAN001, is currently undergoing phase 2 trials in cholangiocarcinoma, gastric cancer, and breast cancer, and was recently awarded Orphan Drug Designation in cholangiocarcinoma by the US Food and Drug Administration.
Commenting on the financing round, Dr. Carl Firth, chief executive officer of ASLAN, said ASLAN was delighted to receive such a strong level of support and confidence from its new and existing investors, including several notable strategic investors.
“This round will allow us to complete a further ten clinical studies and potentially pivotal studies for ASLAN001. We are pleased to have the support of our investors in achieving our goal of developing novel and meaningful treatments for patient populations where there are high unmet needs,” said Firth.
Mr. Abel Ang, Group Chief Executive Officer of Accuron MedTech, said: “We are excited to invest in and support ASLAN Pharmaceuticals, whose clinical programs are showing great potential to treat diseases highly prevalent in Asia. ASLAN is exemplary of a Singapore-based biomedical company demonstrating world-class clinical capabilities.”
Ang added that ASLAN had assembled one of the leading clinical teams in the region and had established a strong reputation for its innovative approach to accelerated drug development.
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Source: Aslan Pharmaceuticals.
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