InventisBio, a fast-growing biotech company dedicated to the discovery and development of novel medicines, announced that it had successfully raised USD19 million in a Series B financing. The investment was led by OrbiMed Asia Partners and joined by Lilly Asia Ventures (LAV).
With headquarter in Shanghai and operations in both China and US, InventisBio has four drug candidates for cancers and gout therapeutic areas. Three of them are expected to enter phase 1 clinical trials in US and China in 2017.
“This new investment will accelerate our product development through phase 1 clinical trials,” said Dr. Yaolin Wang, InventisBio Co-Founder, Chairman and CEO. “Our goal is to develop novel medicines that will benefit patients not only in China, but also in the world. The strategic partnership with OrbiMed Asia and Lilly Asia Venture will help us establish a solid foundation for future growth in the global pharmaceutical market.”
“We are pleased to have the opportunity to build a truly innovative company together with the management team and our reputable co-investors, such as LAV,” said Dr. Jonathan Wang, Co-Founder and Senior Managing Director of OrbiMed Asia. “I believe ‘Created in China, for the world’ will become a major trend in our industry and InventisBio is well positioned to become a leader in this trend.“ Dr. Wang has joined InventisBio’s Board of Directors.
“It is a pleasure for LAV to partner with InventisBio and phenomenal investors,” said Dr. Fei Chen, Managing Partner of Lilly Asia Ventures. “We believe InventisBio’s pipeline has great clinical potential to address unmet medical needs in China and around the world.” Dr. Chen has joined the company’s Board of Directors since 2016.