Guangzhou-based Lupeng Pharmaceuticals, a clinical-stage firm that focuses on drug discovery and developing novel therapies for cancer, has snapped $35 million in the second tranche of its pre-Series B round. The round was led by Hangzhou-headquartered Kaitai Capital and Singapore state investor Temasek, Lupeng announced via its WeChat account.
Lilly Asia Ventures, Fontus Capital, and Lake Bleu Capital also participated in the round. Interestingly, Lake Bleu Capital had announced the funding amount and stage way back in July.
Lupeng did not immediately respond to DealStreetAsia’s request for details about the funding.
The startup will use the proceeds from the capital raise to accelerate clinical research on its lead candidates, such as LP-108, which is a novel, highly-potent, and selective BCL-2 inhibitor that shows preclinical promises in haematologic malignancies, the type of cancer that affects blood, bone marrow, and lymph nodes.
The other lead candidates include LP-168, which has entered clinical trials that aim to treat B-cell lymphoma, which occurs when healthy B-cells aggressively change into cancer cells; as well as LP-118, which treats solid tumour and Non-Hodgkin’s lymphoma, a cancer that develops in the lymphatic system.
Founded in June 2018, the Guangzhou-headquartered firm claims to have raised a total of $110 million in funding to date. It claims to have started clinical trials across China, the US, and Europe. The firm’s latest 60,000 square meter research and manufacturing facility will go into service either in 2025 or 2026, it said.