Clover Biopharmaceuticals closes $43 million Series B investment round

Clover Biopharmaceuticals, a renowned research-based, clinical-stage biotechnology firm, reportedly announced that it has closed a $43 million Series B investment round.

The investment round was led by Lapam Capital and Delos Capital, with Sichuan Health Care Industry Fund, Betta Capital, Jinlong Group and Beijing Zhongguancun VC also participating in the round.

Concurrent with the investment, Partner at Lapam Capital, Mr. Guangyu Xu, and Principal at Delos Capital, Mr. Tim Xiao, CFA, FRM, would be joining the board of directors at Clover. BFC Group worked as the exclusive financial advisor for Clover was fulfilled in the financing round.

The newly raised capital would be redirected towards the clinical development of the company’s biological candidates. The capital would also go towards the operations of the company’s commercial-scale cGMP biomanufacturing plant as well as the scaling up of its preclinical research and development pipeline using its proprietary and innovative Trimer-Tag technology platform.

President, Co-founder and Chairman of Clover, Dr. Peng Liang, stated that as a science-driven, research-based biotechnology firm, Clover’s mission always has been to deliver its innovative biologic therapies and treatments to the world.

Dr. Peng further added that the company looks forward to using the new proceeds to expedite its drug development programs and get a step closer to its goal of becoming a truly-innovative and first biologics R&D powerhouse based in China.

Board Director and Chief Strategy Officer at Clover, Joshua Liang stated that the company is thrilled to complete this investment round as it would allow the company to advance its leading biologic candidates to late-stage development, grow its internal R&D capabilities while continuing to build a top-of-the-class team.

Lapam Capital Partner, Guangyu Xu stated that Lapam Capital is impressed with Clover’s biologics development capabilities, technology platforms and scientific team. Lapam looks forward to supporting Clover in bringing their impactful as well as innovative medicines to the market efficiently and quickly to benefit patients.

The new capital brings the company’s total raised capital since 2016 to more than $100 million.
 

Source credit: http://www.cloverbiopharma.com/index.php?m=content&c=index&a=show&catid=11&id=37