Drug Research
Drug Discovery & Development

Ascletis completes $100m Series B Financing

Published 04 January 2017

Ascletis, a biotechnology company engaged in the discovery, development and commercialization of new treatments for liver diseases, has raised $100m in series B financing.

The investment was led by C-Bridge Capital, joined by a number of new investors including QianHai Equity Investment FOF, FOCUS Media Jiangnanchun Foundation, WTT Investment, together with the current investors Goldman Sachs, Tasly Pharmaceutical which participated in series A financing.

Ascletis plans to use the proceeds from this financing to expand its product portfolio and sales force.

Ascletis is dedicated to discovering, developing and commercializing new treatments for Liver Diseases. Currently chronic hepatitis C (CHC) is its primary focus.

With two novel direct-acting antiviral agents (DAAs), Danoprevir (ASC08) and Ravidasvir (ASC16), Ascletis provides two regimens for CHC patients: Triple therapy and all-oral interferon-free therapy. The clinical study results show that with 12-week treatment, the cure rate (SVR12) of both regimens exceeded 95% in genotype 1 CHC patients.

Danoprevir is awarded as the National Science and Technology Major Project for "Innovative Drug Development" and the New Drug Application (NDA) for Danoprevir was recently accepted by China Food and Drug Administration (CFDA).

Ravidasvir is given Priority Review Designation by CFDA. The successful completion of the series B financing secures funds for Ascletis to expand its product portfolio into other liver disease areas such as chronic hepatitis B.  

Ascletis founder, president and CEO Jinzi J. Wu said: "We're very pleased with the support and commitment of our current investors and the participation of new investors. We're excited that our accomplishments, especially Danoprevir NDA filing, are recognized by more and more investors.

"US$100 million series B financing at the beginning of the New Year will definitely bring an extraordinary 2017 for Ascletis. We aim to make the historical step of being the first Chinese company to launch in 2017 an innovative medicine treating CHC patients in China. We will expand our liver disease pipeline to provide more high quality medicines for Chinese and global markets."

Wei Fu, CEO of C-Bridge Capital, said: "Ascletis is one of the most innovative drug developers in China. We are happy to see the remarkable progress it has made since our first investment in 2015.

"With this second investment of US$100 million, we are excited that Ascletis will extend its pipeline into hepatitis B and other liver disease indications. We will continue to support Ascletis' innovation and future growth working together with all new and existing investors."

Mr. Haitao Jin, Chief executive partner of QianHai Equity Investment FOF, commented, "QianHai Equity Fund is an innovative fund that invests in both funds and corporations. Biomedical area is one of our most important and valuable areas of investment focus. Ascletis' new generation Hepatitis C Virus (HCV) treatment represents the most advanced HCV treatment developed by China. It will benefit and provide an effective new treatment option for Chinese HCV-infected patients as well as help bringing China's Hepatitis C disease control effort to a new era. We are very optimistic about Ascletis' products and have faith in its growth potential. QianHai Equity Fund will provide its full support to Asceltis' business growth and IPO effort."

Ascletis secured US$55 million in Series A financing led by C-Bridge Capital and Goldman Sachs during the second half of 2015.

Source: Company Press Release