China biotech CANbridge raises $10M from Qiming and TF Capital, building on angel funding

Beijing-based CANbridge Life Sciences raised $10 million in venture capital financing led by Qiming Venture Partners and TF Capital, the venture arm of Chinese CRO Tigermed, building on angel investor funding of the same amount received last year. The biotech firm scouts for partnerships with Western biopharmaceutical companies with clinical-stage pharmaceutical, medical device or diagnostic products currently not in the Greater China or North Asian markets. Current deals include a licensing agreement with U.S.-based Azaya Therapeutics to develop and commercialize non-small cell lung cancer and other solid tumor candidate ATI-1123 in China and one with EUSA Pharma, a unit of Jazz Pharmaceuticals ($JAZZ), to commercialize Caphosol in China for the prevention and treatment of oral mucositis caused by cancer treatments. CANbridge has also licensed Greater China rights to clinical-stage anti-TNF drug candidate APG101 from Germany-based Apogenix for the treatment for glioblastoma multiforme, as well as an option for other indications. Release