China's IMPACT Therapeutics raises $10M in Series B funding

Nanjing-based IMPACT Therapeutics, which develops "novel and best-in-class" treatments for cancer and other diseases, said it has raised $10 million in Series B financing that will be used for clinical studies and to develop products in its pipeline.

The company said several new investors were joining as backers of the company. The new investors include China Summit Capital, Guangzhou YUEXIU Industrial Investment Fund, Sungent Bioventure and HAIBANG Ventures.

Lilly Asian Ventures also was part of the Series B group. The company completed its Series A round in 2014 that also included Lilly as well as Cenova Capital and Wuxi AppTec Ventures.

"We are very pleased with the strong support from leading life science investment firms in this financing round, and are in a strong position to advance clinical studies of multiple programs," Edward Tian, CEO of IMPACT, said in a company statement.

"This additional financing has further validated IMPACT's effective scientific and business approaches for novel drug discovery," said Dr. Sui Xiong Cai, senior vice president of IMPACT. "The funding will support our development efforts of novel and 'best-in-class' therapeutics, as well as expand our pipelines across multiple therapeutic areas."

CEO Tian is a Pfizer veteran and worked for Transtech Pharma in the United States while Xiong previously worked at EpiCept, Maxim Pharmaceuticals and Cytovia.

IMPACT said it has "several" antitumor drug projects in preclinical and clinical stages and has submitted a class 1.1 drug IND Application in 2015.

Investor China Summit Capital is a China market-oriented private equity management company that handles yuan and U.S. dollar-based investment funds. Guangzhou YUEXIU Industrial Investment Fund Management was created in 2011 and is an asset management firm. Sungent Bioventure is a venture capital firm based in Suzhou, China that invests in the life-science and healthcare industries. Haibang Talent Fund was created in 2011 and invests in healthcare and medical sciences in China.

Shanghai-based Lilly Asian Ventures has invested in more than 30 companies while Cenova Capital invests in early and growth-stage companies in life sciences and healthcare in China. WuXi Venture Fund is the corporate venture capital arm of WuXi AppTec.

- here's the release