Chinese investment firm Decheng Capital has led a US$30 million series C round in Nanjing-based pharmaceutical firm Impact Therapeutics.
Existing investor Lilly Asia Ventures also participated in the round, according to Impact Therapeutics’ announcement.
Impact Therapeutics focuses on the discovery, development and commercialization of therapeutics to treat cancer and other life threatening diseases. With several anti-tumor drug projects in preclinical and clinical stages, it has submitted a class 1.1 drug investigational new drug (IND) application in 2015.
PARP inhibitors are targeted therapies for cancer patients with defects in DNA repair mechanisms, such as with BRCA1 and BRCA2 mutations. Three PARP inhibitors, which have been shown to be tolerable and effective in clinical studies, have already been approved for marketing outside of China. IMP4297 has demonstrated an excellent safety profile and good preliminary efficacy in phase I clinical trials in Australia and China, which is consistent with the high potency and large therapeutic window found in pre-clinical studies.
“Impact Therapeutics’ PARP inhibitor project demonstrates the potential to be the best of its kind in both preclinical and early clinical trials," said Min Cui, founder and managing partner of Decheng Capital. "The company has a strong R&D pipeline and unique insights to the development of small molecule targeted drugs."
The company is led by CEO Edward Tian and CTO Cai Suixiong. Tian has more than 20 years of pharmaceutical R&D experience with Pfizer and Transtech Pharma in US. Cai joined the company from San Diego. He used to serve as senior director of chemistry at EpiCept, Maxim Pharmaceuticals and Cytovia Inc.
Proceeds of this round will be used for the clinical development of IMP4297 and to advance Impact’s integrated programs targeting DNA Damage Response (DDR).
In 2016, the company raised a US$10 million series B round from China Summit Capital, Guangzhou Yuexiu Industrial Investment Fund, Sungent Bioventure, Haibang Ventures and Lilly Asia Ventures. In 2014, it closed a series A round from Lilly Asia Ventures, Cenova Capital and Wuxi AppTec Ventures.