GL Ventures Completes $24 Million Series B-2 Investment in Clover Biopharmaceuticals

BEIJING--(BUSINESS WIRE)--Clover Biopharmaceuticals, a global clinical-stage biotechnology company focused on developing novel and transformative biologic therapies, today announced the completion of a US$ 24 million Series B-2 financing from GL Ventures. This financing round brings Clover’s total capital raised since 2016 to over US$ 140 million.

“We are pleased to complete this financing round with GL Ventures, as it will allow us to continue our efforts in expanding internal R&D capabilities and building a world-class team,” said Joshua Liang, Chief Strategy Officer & Board Director of Clover Biopharmaceuticals.

“We are thrilled to partner with Clover. We look forward to supporting this wonderful team as they create innovative therapies to address unmet medical needs across the globe,” stated the GL Ventures team.

Clover Biopharmaceuticals is the innovator of Trimer-Tag^©, 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 its Trimer-Tag^© technology with global IP position to develop recombinant trimerized fusion proteins that are able to effectively target these previously undruggable pathways. Trimer-Tag^© has significant implications for the treatment of some of the most prevalent diseases across the world.

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, as well as viral vaccines. Having raised more than US$ 140 million in total capital since 2016, Clover is utilizing its proprietary Trimer-Tag^© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house GMP biomanufacturing capabilities to support large-scale production of its biologic therapies. For more information, please visit our website:  www.cloverbiopharma.com.

About GL Ventures

GL Ventures focuses on early-stage innovative companies in healthcare, software services, consumer Internet, emerging consumer brands and services. The GL Ventures team is passionate about partnering with visionary entrepreneurs to create industry leaders that stand the test of time. GL Ventures is the early stage affiliate of Hillhouse Capital and has been investing with innovators across the world since 2005. GL Ventures was one of the earliest investors in some of the largest global companies today, including Beigene, Zoom, Meituan, JD, Woowa Brothers and many more.