Chinese biopharma startup Alebund Pharmaceuticals raises $60m in Series B financing round
Alebund Pharmaceuticals, a biopharmaceutical company dedicated to developing innovative therapies for the treatment of renal diseases and related chronic conditions, announced the raise of $60 million in its Series B financing round which was led by Quan Capital, and followed by a prominent sovereign wealth fund, 3E Bioventures Capital, and Sherpa Healthcare Partners.
Existing Shareholders, Lilly Asia Ventures and Med-Fine Capital, also took part in this financing round. Proceeds raised from this round will be invested in the research and development of pre-clinical assets, clinical programs, the construction of the manufacturing site, and the expansion of Company's talent pool.
Chronic kidney disease (CKD) is a condition that poses a growing threat to public health worldwide and has seen its incidence steadily rising in recent years. In China, the latest epidemiology data show that the prevalence of CKD in the adult population is as high as 10.8%, which amounts to a total patient population of 120 million with over one million renal patients at the terminal stage. Meanwhile, the diagnosis rate of CKD in China is just 12.5%, thus suggests enormous unmet patient need for diagnosis and treatment.
As China's first biopharmaceutical company focusing on the development of novel renal therapies, the $60 million raised from Alebund's Series B financing round sets a record for the amount raised in a single financing round by any nephrology-focused biopharmaceutical company in China. The participation of numerous renowned institutional investors specialized in the biopharmaceutical industry has once again signified the recognition of Alebund's robust capabilities and deep expertise by the global capital market.
After three years of rapid growth since its inception, the Company has built a diversified and balanced pipeline of drug candidates targeting a range of major renal diseases, including CKD/Dialysis complications, IgA nephropathy, diabetic kidney disease, and autosomal dominant polycystic kidney disease (ADPKD). The most clinically-advanced product in the Company's pipeline has best-in-class potential in the treatment of hyperphosphatemia. This drug candidate is currently being evaluated in a Phase II trial and is expected to enter Phase III registrational study next year. Supported by the sufficient funding, Alebund is poised to further accelerate the research and development of its hyperphosphatemia candidate and other pipeline assets, and to advance the building of its manufacturing site.
Gavin Xia, Co-founder and Chief Executive Officer, Alebund: "This financing round has secured sufficient funding for the coming year to accelerate the development of our clinical programs and early-stage projects. Capitalizing on our strong track record and deep expertise in the R&D of renal therapies, we will press ahead with our innovation in nephrology to bring more effective therapies to renal patients both in China and around the world, and to make Alebund a leader and prominent player in the development of novel therapies for renal diseases."
Jin Tian, Co-founder and Chief Medical Officer, Alebund: "I recall reading an article in a scientific journal early this year titled 'Renal innovation: the long winter is finally over', and we are pleased that we had the foresight of establishing Alebund three years ago, as China's first biopharmaceutical company dedicated to developing novel therapies for renal diseases. Our founding tenet is to revere the nature, follow the science, and serve the patients. This patient-focused mission drives our commitment to developing accessible novel therapeutics for renal patients in China and around the world."
Marietta Wu, Managing Director, Quan Capital: "Alebund and its leadership team have an outstanding track record and deep expertise in the field of nephrology. We are very impressed by the management team's experience and ability to execute. Quan Capital has long been interested in the field of nephrology, and we are fortunate to share the same therapeutic focus with Alebund. We hope our support will help Alebund further establish itself in the field of nephrology, facilitate the Company's long-term growth, and ultimately bring more innovative therapies to the broad population of renal patients."
Yi Shi, Founding Managing Partner, Lilly Asia Ventures: "Alebund Pharmaceuticals is a leading renal disease therapeutics company incubated by Lilly Asia Ventures. The Alebund team has deep expertise in renal disease and their pipeline has high potential not only in China but also globally. Lilly Aisa Ventures will continue to support the company in their tireless efforts to bring innovative, life-saving renal therapeutics to the market."