Chinese biotech company Ascletis seeks third round of funding that could exceed US$100 million
Hangzhou-based company will consider Hong Kong as potential listing venue when it decides to go public
Chinese biotechnology company Ascletis is considering a third round of private fundraising, which could exceed US$100 million, to fund clinical trials on a pipeline of drugs under development.
The seven-year-old Hangzhou-based company, which focuses on researching cures for liver diseases, will consider Hong Kong as a potential listing venue when the time comes for it to go public, founder and chief executive Wu Jinzi told the South China Morning Post.
“After raising US$155 million in two previous fundraising rounds, we are working on another round to further expand our pipeline, invest in [phase two and three] clinical development and building teams, especially in sales and marketing,” he said on the sidelines of the JPMorgan Healthcare conference.
“We already have potential investors and expect to complete this round in the next few months.”
Ascletis raised US$100 million a year ago through a private shares placement led by C-Bridge, a China-focused health care fund backed by Chinese pharmaceutical companies and other institutional investors. Goldman Sachs and Qianhai Equity Investment Fund have also invested in the fund.
In 2015, the company raised US$55 million from Goldman and C-Bridge.