SHANGHAI, May 30, 2017 /PRNewswire/ -- InventisBio, a fast-growing biotech company dedicated to the discovery and development of novel medicines, today 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.
About InventisBio Inc.
InventisBio is a biotech company whose product pipeline includes small molecule drug candidates for targeted therapies in lung cancer, breast cancer and gout. The company is also actively developing drugs that can be combined with other immune-oncology targeted therapies, such as PD-1 antibody, for various cancer indications. The company is co-founded by Dr. Yaolin Wang and other scientists who have previously worked at Merck and Schering-Plough, leading various drug discovery projects in oncology, metabolic and infectious disease areas. Prior to the Series B financing, the company received investment from angel investors led by Beautiful Mind Investment Management Ltd in 2015 and Series A financing led by Lilly Asia Venture and SinoPharm Capital in May 2016, totaling USD11 million.
About OrbiMed (www.OrbiMed.com).
Established in 1989, OrbiMed is the world's largest healthcare and life sciences-dedicated investment firm. It manages approximately USD14 billion assets and has invested in over 450 companies across a wide range of therapeutic categories and stages of development. OrbiMed Asia, managing three Asia-focused PE/VC funds, totaling approximately $1 billion, has made investments in 40 companies. OrbiMed's public equity funds have invested approximately USD2 billion in Asia public companies.
About Lilly Asia Ventures (http://www.lillyasiaventures.com)
Lilly Asia Ventures (LAV), founded in 2008 and headquartered in Shanghai, is a life sciences and healthcare sector focused investment firm, focusing: predominantly on biopharmaceutical, med tech and diagnostics investments in Asia, particularly in China. As a leading biomedical venture fund, LAV provides capital, industry expertise, and global resources to its portfolio companies to accelerate their growth.
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