Biopharmaceutical firm Jiangsu Atom Bioscience and Pharmaceutical, which engages in new drug discovery and development to treat inflammatory and metabolic diseases, has bagged 600 million yuan ($82.8 million) in a Series D funding round.
Led by venture capital firm Kaitai Capital, the funding round saw the participation of local investors including Fortune Capital, NNFE Fund Management, and Unifortune Investment Holdings Group, among others, according to a release on Monday.
The proceeds will be used to advance the clinical trials of its lead drug candidate ABP-671 both in China and overseas. ABP-671, which targets to treat patients with chronic gout, has completed Phase 1 clinical trials in the US and 2a clinical trials in Australia, according to the company website.
The Series D funding round has brought the firm’s total capital raised to 1.2 billion yuan ($165.5 million).
Founded in 2012, also known by Atom Bioscience, previously the firm bagged 300 million yuan ($47 million) in a Series C funding round led by PE investment firm Kingray Capital in January 2022.
Pharmaceutical firms raised a total of $824.3 million across 49 deals in Q2, according to DealStreetAsia’s proprietary data. Despite Q2 seeing three more deals than the quarter before, the fundraising value dropped around 45% compared with Q1.