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8 January 2018

KBP kicks back with $76m

KBP Biosciences, which is developing drugs for disease areas of unmet need, raised the series A funds from investors including Cash Capital.

Author: Callum Cyrus, reporter

US-based biopharmaceutical developer KBP Biosciences closed a $76m series A round backed by Cash Capital, the investment arm of Chinese Academy of Sciences, on Friday.

The round was co-led by venture capital firm Advantech Capital and Chinese government-owned investment firm State Development & Investment Corporation, which invested through its SDIC Venture Capital unit.

Ping An Ventures, a corporate venturing subsidiary of insurance group Ping An, also participated, as did Sangel Capital Management, Bay City Capital GF Xinde Life Science Investment Fund, Efung Capital, Cowin Capital Group, Elite Capital and Korea Investment Partners.

Founded in China, KBP is developing treatments for unmet medical needs, in areas including cardiovascular, infectious, respiratory, inflammatory and autoimmune diseases.

The company’s most advanced drug candidate, KBP-5074, will begin phase 2b clinical trials for cardiovascular disease and hypertension in chronic kidney disease, in the first quarter of 2018.

The cash will be used to develop KBP-5074 and other therapeutic candidates, and has funded the opening of KBP’s US-based headquarters in the Philadelphia area as well as the expansion of its China-based preclinical development team.

KBP announced the funding alongside the appointment of Brian McVeigh, previously vice-president for worldwide business development transactions and investment management at pharmaceutical firm GlaxoSmithKline, as its CEO.

Zhen Hua Huang, founder and chairman of KBP Biosciences, said: “We are pleased to have attracted this funding from prestigious investors to expand and establish a global presence and maximise the value of our scientific platform and clinical programs.”

– A version of this article first appeared on our sister site, Global Corporate Venturing.

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