AsianScientist (May 18, 2018) – CStone Pharmaceuticals (CStone) has completed a US$260 million Series B funding round. The investment was led by GIC Private Limited, Singapore’s sovereign wealth fund, with participation from new investors including Sequoia China, Yunfeng Capital, 6 Dimensions Capital, CITIC PE, Taikang Insurance Group, ARCH Venture Partners, Hillhouse Capital, King Star Capital, 3W Partners, AVICT and Terra Magnum Capital Partners.
Existing investors also participated in this round, including Oriza Seed Venture Capital, Boyu Capital and WuXi Healthcare Ventures (currently a 6 Dimensions Capital fund). Together with the US$150 million raised in Series A financing in 2016, this most recent round of funding brings the total capital raised to US$410 million.
Founded in 2016 and headquartered in Suzhou, China, CStone is a biopharmaceutical company focused on the development of drugs and combination therapies for immuno-oncology. CStone has built a portfolio of more than ten assets, including four in various clinical stages.
In particular, CS1001, China’s first full-length and fully human anti-PD-L1 monoclonal antibody, is completing a Phase I dose escalation study and will soon enter registrational trials. The Suzhou Translational Medicine Research Center, established by CStone at the end of 2017, will further enhance the efficiency of clinical development.
“We appreciate the recognition and support from top domestic and overseas investors, which enabled our Series B financing to be completed in merely two months. This round of financing is critical for CStone’s current and near-term growth,” said Dr. Frank Jiang, chief executive officer of CStone.
The funds raised in this round will be primarily used for clinical development of CS1001 and other clinical stage assets, expanding the company’s pipeline through internal R&D and external partnerships. Funds will also be channeled towards attracting top industry talents to deliver breakthrough therapeutic solutions to cancer patients.
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Source: CStone Pharmaceuticals; Photo: Shutterstock.
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