CHENGDU, China--(BUSINESS WIRE)--Clover Biopharmaceuticals, a biotechnology company focused on developing novel and transformative biologic therapies, today announced the completion of a RMB 62.8 million (approximately US$ 9.5 million) Series A financing. Combined with other nondilutive sources of funding, this financing brings Clover’s total cash proceeds received in 2017 to RMB 84.3 million (approximately US$ 12.7 million). The Series A round was led by Tianhe Life Sciences Venture Fund.
“We are pleased to complete these financings, as we transform into a global clinical-stage biotechnology company with multiple products in clinical development,” said Joshua Liang, Chief Strategy Officer and Board Director of Clover. “As one of the few biotechnology companies based in China with both a truly innovative drug development platform and in-house cGMP biomanufacturing capabilities, we are pleased that our investors have recognized the potential of our company.”
The proceeds will support the continued development of Clover’s biological candidates, with two compounds expected to enter human clinical trials in 2018. A Phase I trial in oncology for SCB-313, a novel TRAIL-Trimer fusion protein, is expected to be initiated by early 2018 in Australia. SCB-808, a proposed biosimilar of Enbrel® (etanercept) being developed in the prefilled syringe formulation, is also expected to enter clinical testing in China in mid-2018.
“As a research-based biotechnology company, our vision has always been to bring our innovative biologic therapies to the world,” said Dr. Peng Liang, co-founder, Chairman and President of Clover. “With our proprietary Trimer-Tag© drug discovery platform, cGMP biomanufacturing capabilities and passionate team of scientists and industry professionals, we look forward to using these proceeds to further accelerate the development of our robust pipeline and make strategic hires across all functional areas including clinical development, biomanufacturing and early stage R&D.”
About Clover Biopharmaceuticals
Clover Biopharmaceuticals is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing transformative biologic therapies, with a focus on oncology and autoimmune diseases. Clover is utilizing its proprietary Trimer-Tag© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house cGMP biomanufacturing capabilities to develop select biosimilars. For more information, please visit our website: www.cloverbiopharma.com.
About Trimer-Tag© Technology
Trimer-Tag© is an innovative drug development platform which allows the production of novel, covalently-trimerized fusion proteins. Many major disease targets are trimerization-dependent such as the tumor necrosis factor (TNF) superfamily (involved in extrinsic apoptosis, immune co-stimulation and inflammation) as well as enveloped RNA virus antigens responsible for entry into host cells. Clover is using Trimer-Tag© technology to create trimerized fusion proteins that are able to effectively target these previously undruggable pathways.