Alebund Pharmaceuticals Raises $60 million in Series B Financing Round to Accelerate Its Development of Innovative Drugs and Total Solutions for the Treatment of Renal Diseases
SHANGHAI, May 9, 2021 /PRNewswire/ -- Alebund Pharmaceuticals ("Alebund" or the "Company"), a biopharmaceutical company dedicated to developing innovative therapies for the treatment of renal diseases and related chronic conditions, today announced that it has raised $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%i, which amounts to a total patient population of 120 millioni with over one million renal patients at the terminal stage. Meanwhile, the diagnosis rate of CKD in China is just 12.5%i, 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.
Dr. Gavin Xia, Co-Founder and Chief Executive Officer of Alebund, commented "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."
Dr. Jin Tian, Co-Founder and Chief Medical Officer of Alebund, said: "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."
Dr. Marietta Wu, Managing Director of Quan Capital, noted: "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."
"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," said Dr. Yi Shi, Founding managing partner of Lilly Asia Ventures.
About Alebund Pharmaceuticals
Alebund was founded in Shanghai in early 2018, as a startup jointly incubated by a group of industry leaders in the field of nephrology and Lilly Asia Ventures. By 2020, Alebund had completed its Series A+ financing round jointly led by Huagai Capital and Med-Fine Capital, followed by Lilly Asia Ventures. Alebund is a clinical stage biopharmaceutical company and is dedicated to the discovery and development of novel therapies and providing better clinical solutions to patients with kidney diseases and related chronic conditions.
Alebund has built a diversified and balanced pipeline of drug candidates targeting a range of renal diseases, including chronic kidney disease (CKD)/dialysis complications, IgA nephropathy, diabetic kidney disease, and autosomal dominant polycystic kidney disease (ADPKD). Alehund's pipeline comprises both small-molecule and biologic assets. At present, the most 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.
About Lilly Asia Ventures (LAV)
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm established in 2008. Our vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that treat diseases and improve human health. For more information, please visit www.lillyasiaventures.com.
About Quan Capital
Quan Capital is a life sciences venture capital firm with strong China expertise and global capabilities. We discover, incubate, and grow next-generation life science companies in early and growth stage, worldwide. Our portfolio companies pioneer differentiated therapies and enabling technologies to address major human diseases with high unmet medical needs.
Quan has offices in Shanghai, Menlo Park and Boston. Our investment professionals combine their strong expertise in both science and business with their diverse experiences in global drug development and healthcare investments, and they leverage their broad network worldwide to help maximize the company's value across geographies and development stages.
Visit www.quancapital.com to learn more about us.
About Huagai Capital
HuaGai Capital is a private equity firm co-founded in 2012 by professionals from top investment institutions. HuaGai Capital's mission is to become a leading global asset management company, with a focus on China's equity investment market. We are committed to working together with our portfolio and assisting them in reaching their full potential as market leaders in their respective industries. HuaGai Capital is focused on investments in the Healthcare, TMT and Digital industries, currently with near 20 billion RMB assets under management.
About Med-Fine Capital
Founded in 2016, Med-Fine Capital is a VC firm investing in the healthcare and life sciences sectors. Comprised of a team of experienced investors and professionals, Med-Fine Capital provides early stage and fast-growth stage companies with capital, professional expertise, and valuable resources.
About 3E Bioventures
3E Bioventures Capital is dedicated to investing in cutting-edge life sciences and biomedical technologies, with a focus on breakthrough first-in-class therapies and disruptive cross-disciplinary innovations in medical devices and diagnostics.3E Bioventures takes on a science-driven, entrepreneur-friendly investment philosophy by working closely with companies and research institutions to develop drugs or products that have strong unmet medical needs. With offices in Beijing, Shanghai, and the San Francisco Bay Area, 3E Bioventures leverages its experience, capabilities, and network to help companies tap into markets and resources across the Pacific and advance with greater speed and capital efficiency.
About Sherpa Healthcare Partners
Sherpa Healthcare Partners ("Sherpa") was founded in 2018. The founders previously worked together in one of China's leading venture capital firms, built and led its professional healthcare investment team since 2011, set up the dedicated healthcare investment fund and responsible for healthcare investment. The founders have been teamed together in close co-operation, built on shared values, mutual trust, and complementary capabilities. Sherpa has invested in leading companies in many key areas, such as Pharma, GeneTech, MedTech and Medical services. From 2011 to 2020, the team has gone through 4 vintage year cycles and made over 100 investments. Sherpa has the honor to work with many outstanding entrepreneurs and grow together with them.
References
i. Luxia Zhang, Fang Wang, Li Wang, et al. Prevalence of chronic kidney disease in China: a cross-sectional survey. Lancet. 2012 Mar 3; 379(9818): 815–822. doi: 10.1016/S0140-6736(12)60033-6.
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