Ascletis completes US$35 million (RMB 220 million) financing

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Ascletis announced today the completion of a US$35 million (RMB 220 million) financing. The investment was led by C-Bridge Capital, joined by Tasly Pharmaceutical and Singapore-based Pavilion Capital. The valuation of the Company before financing was US$300 million.

The proceeds from this financing will be used to expand Ascletis' pipeline, strengthen global development capabilities and enhance GMP commercial manufacturing.

"With the support of the investors, Ascletis is now entering an exciting new era. We're very happy that our accomplishments and potential are recognized by the investors. This financing provides the necessary capital to help us expand our pipeline," said Jinzi J. Wu, Ph.D., Ascletis' founder, President and CEO, "Through internal R&D and global in-licensing efforts, Ascletis continues to develop innovative drugs to meet clinical needs in China as well as in the rest of the world."

"The proven track record of Ascletis' team, together with its excellent portfolio and clear strategy, creates a very compelling future," said Mr. Wei Fu, CEO of C-Bridge, commenting on the financing, "We are pleased to participate in the exciting model Ascletis is developing, and look forward to assisting the company in pursuit of its vision, to bring breakthrough treatments to the Chinese market and to be a leading innovator in China." Mr. Wei Fu will join the board of the Company as a director.

Ascletis' triple therapy for hepatitis C, combining protease inhibitor ASC08 with interferon and ribavirin, successfully completed phase II study in Taiwan in the beginning of 2015. Ascletis is planning to start similar trial in China soon. On August 31, Ascletis announced its plans to initiate phase II study of its interferon (IFN)-free regimen in Taiwan (combining ASC08 with the NS5A inhibitor ASC16). Ascletis also filed earlier this year the clinical trial application for the same regimen with China Food and Drug Administration. With two advanced direct-acting antiviral agents in the pipeline, Ascletis aims to bring both IFN-containing triple therapy as well as IFN-free therapy to the marketplace to meet different clinical needs of Chinese HCV patients.

SOURCE Ascletis Pharmaceuticals Co., Ltd.


The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News Medical.
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