SHANGHAI, Sept. 2, 2015 /PRNewswire/ -- Ascletis announced today the completion of a US$35 million (RMB 220 million) financing. The investment was led by C-Bridge Capital, joined by Tasly Pharmaceutical and Singapore-based Pavilion Capital. The valuation of the Company before financing was US$300 million.
The proceeds from this financing will be used to expand Ascletis' pipeline, strengthen global development capabilities and enhance GMP commercial manufacturing.
"With the support of the investors, Ascletis is now entering an exciting new era. We're very happy that our accomplishments and potential are recognized by the investors. This financing provides the necessary capital to help us expand our pipeline," said Jinzi J. Wu, Ph.D., Ascletis' founder, President and CEO, "Through internal R&D and global in-licensing efforts, Ascletis continues to develop innovative drugs to meet clinical needs in China as well as in the rest of the world."
"The proven track record of Ascletis' team, together with its excellent portfolio and clear strategy, creates a very compelling future," said Mr. Wei Fu, CEO of C-Bridge, commenting on the financing, "We are pleased to participate in the exciting model Ascletis is developing, and look forward to assisting the company in pursuit of its vision, to bring breakthrough treatments to the Chinese market and to be a leading innovator in China." Mr. Wei Fu will join the board of the Company as a director.
Ascletis' triple therapy for hepatitis C, combining protease inhibitor ASC08 with interferon and ribavirin, successfully completed phase II study in Taiwan in the beginning of 2015. Ascletis is planning to start similar trial in China soon. On August 31, Ascletis announced its plans to initiate phase II study of its interferon (IFN)-free regimen in Taiwan (combining ASC08 with the NS5A inhibitor ASC16). Ascletis also filed earlier this year the clinical trial application for the same regimen with China Food and Drug Administration. With two advanced direct-acting antiviral agents in the pipeline, Ascletis aims to bring both IFN-containing triple therapy as well as IFN-free therapy to the marketplace to meet different clinical needs of Chinese HCV patients.
Ascletis is a biotechnology company dedicated to discovering, developing and commercializing new treatments for infectious diseases and cancer. Ascletis is focused on clinical development and commercialization of medicines for the growing Chinese pharmaceutical market. Ascletis has assembled an entrepreneurial management and senior scientific team with a track record of successful pharmaceutical discovery and development at major global pharmaceutical companies. To date the company has added four late-stage candidates to its product portfolio: ASC08, a clinical stage HCV protease inhibitor licensed from Roche; ASC16, a clinical stage HCV NS5A inhibitor licensed from Presidio Pharmaceuticals; ASC06, a clinical stage, first-in-class, RNAi therapeutic for the treatment of liver cancers licensed from Alnylam Pharmaceuticals; and ASC09, a next-generation HIV protease inhibitor licensed from Janssen, a Johnson & Johnson company. For more information, please visit www.ascletis.com outside China or www.ascletis.com.cn insideChina.
About C-Bridge Capital
C-Bridge is a China dedicated healthcare fund, with focus on late stage growth capital and buyout investment opportunities. Its LPs include major Chinese pharmaceutical companies, world leading sovereign fund and foundations. Its investment team has combined over 60 years of transaction experience and 90 years of industry experience. In the past one year, it completed 6 investments into the leading players in sectors such as biotech, pharmaceutical distribution, molecular diagnostics, and medical device.
About Tasly Pharmaceutical
Tasly Pharmaceutical (600535.SH) is one of the largest pharmaceutical companies in China with more than 20 years of history. Tasly's business focuses on R&D, manufacturing and commercialization of innovative modern TCM, biologics and chemical drugs, with products registered in 34 countries worldwide. The Company also has one of the largest pharmaceutical sales and marketing team in China covering all the main therapeutic areas.
About Pavilion Capital
Pavilion Capital, a member of Temasek Holdings, is an Asia-based investment firm that focuses on China and north Asia market.