Tongyi Pharma Consecutively Completes Series B and B+ Financing, Raising Nearly $100 Million
Project Overview
On May 12, 2023, Tongyi Pharma announced the consecutive completion of its Series B and B+ financing rounds, with a total financing amount of nearly $100 million in both rounds.
The Series B+ round was led by Shengdi Investment, with co-investors including Shanghai Alliance Investment, Hefei Industry Investment, Hefei Gaotou, and Suzhou Industrial Park Sci-tech Innovation Fund. The Series B round was led by Huimei Capital, with co-investors including Yuanfeng Capital, ABC International, and Yicun Capital, and existing shareholder Tonghe Yuchuang also actively participated.
T-Capital acted as the financial advisor for this financing.
The proceeds from this financing will be primarily used to advance the clinical development of Tongyi Pharma’s Bi-ligand drug conjugate (Bi-XDC) innovative drug pipeline, supporting multiple core projects in advancing clinical trials and IND filings in China and the United States.
Financing Information
| Item | Information |
|---|---|
| Financing Date | May 2023 |
| Financing Rounds | Series B, Series B+ |
| Financing Amount | Nearly $100 million |
| Series B Lead Investor | Huimei Capital |
| Series B+ Lead Investor | Shengdi Investment |
| Other Investors | Shanghai Alliance Investment, Hefei Industry Investment, Hefei Gaotou, Suzhou Industrial Park Sci-tech Innovation Fund, Yuanfeng Capital, ABC International, Yicun Capital, etc. |
| Existing Shareholders | Tonghe Yuchuang, etc. |
| Financial Advisor | T-Capital |
| Use of Proceeds | Clinical development and related R&D advancement of the Bi-ligand drug conjugate (Bi-XDC) pipeline |
| Company Location | BioBAY, Suzhou Industrial Park |
Funds will Focus on Supporting the Clinical Development of the Core Bi-XDC Pipeline
The financing proceeds will be primarily used for the clinical development of several of Tongyi Pharma’s core pipelines, including:
- CBP-1008: Key registration Phase II clinical trial in China;
- CBP-1018: China-US clinical Phase I/II trials;
- CBP-1019: China-US clinical Phase I trials;
- CBP-8008 (C-PROTAC): China-US IND filing.
The entry of multiple core pipelines into the clinical and registration advancement stage signifies that Tongyi Pharma’s Bi-ligand drug conjugate technology platform (Bi-XDC) R&D pipeline has entered an accelerated advancement phase.
For innovative drug companies, moving from early-stage R&D to the clinical development stage typically requires continuous R&D funding support. This Series B and B+ financing provides funding support for the subsequent clinical development of several of Tongyi Pharma’s core projects.
Tongyi Pharma: Focusing on the R&D of Bi-ligand Drug Conjugate Innovative Drugs
Tongyi Pharma is located in the BioBAY of Suzhou Industrial Park.
Since its establishment, the company has consistently focused on the R&D and industrialization of the Bi-ligand drug conjugate (Bi-XDC) innovative drug pipeline.
Currently, the company has three main technology platforms:
- BEST™ Technology Platform
- C-PROTAC Technology Platform
- Chronic Disease Technology Platform
Among them, the Bi-ligand drug conjugate technology (Bi-XDC) is the key technology direction for Tongyi Pharma’s development.
According to information disclosed by the company, Bi-XDC technology is expected to help overcome existing druggability barriers for many molecules with good activity and to explore new drug development pathways.
Multiple Pipelines Enter Global Clinical Development Stage
Around the time of the financing completion, several of Tongyi Pharma’s R&D pipelines have successively advanced to the global clinical trial stage.
CBP-1008
Clinical Phase 1a/1b data for CBP-1008 were presented at international industry conferences such as World ADC London, AACR, and Novel Format Conjugates in 2022.
The relevant data were also selected for an oral presentation at ASCO 2022.
This financing will support the further advancement of the key registration Phase II clinical trial of CBP-1008 in China.
CBP-1018
CBP-1018 is in the clinical Phase I stage and is planned to advance to China-US clinical Phase I/II trials.
According to information disclosed by Tongyi Pharma, the dose-escalation trial data for CBP-1018 are positive, with a good safety profile and no DLTs. At that time, the longest medication duration for patients in the cohort had exceeded 12 months.
Subsequent financing proceeds will be used to promote the further clinical development of this project.
CBP-1019
CBP-1019 is another core pipeline for Tongyi Pharma’s international clinical development.
In January 2023, CBP-1019 received tacit clinical approval from the US FDA; in April 2023, it received clinical approval from the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA), completing the dual filing and approval in both China and the US.
This financing will support the continued advancement of the China-US clinical Phase I trials of CBP-1019.
CBP-8008 (C-PROTAC)
In addition to the Bi-ligand drug conjugate pipeline, Tongyi Pharma is also advancing the R&D of the C-PROTAC technology platform.
CBP-8008 is planned for China-US IND filing.
This project reflects Tongyi Pharma’s continuous exploration of new drug development technology paths beyond the Bi-ligand drug conjugate technology.
From Major Indications to Rare Diseases, Tongyi Pharma Expands Diversified R&D Directions
Tongyi Pharma’s R&D pipeline covers multiple potential therapeutic areas.
In the pan-cancer direction, the company has布局 including:
- Lung cancer;
- Ovarian cancer;
- Breast cancer;
- Prostate cancer;
and other major indications.
At the same time, the company is also leveraging its dual-targeting technology advantages to explore the fields of small tumors and rare diseases.
From the layout of the R&D pipeline, the company hopes to explore new drug development paths in different disease areas through technology platforms such as Bi-ligand drug conjugates.
T-Capital Acts as Financial Advisor for This Financing
In this Series B and B+ financing of Tongyi Pharma, T-Capital acted as the financial advisor.
This financing attracted multiple types of investment institutions from healthcare investment, industrial capital, and local industrial funds.
Among them, the Series B round was led by Huimei Capital, with co-investors including Yuanfeng Capital, ABC International, and Yicun Capital; the Series B+ round was led by Shengdi Investment, with co-investors including Shanghai Alliance Investment, Hefei Industry Investment, Hefei Gaotou, and Suzhou Industrial Park Sci-tech Innovation Fund, with existing shareholder Tonghe Yuchuang continuing to participate.
The participation of multiple types of capital provides further capital support for Tongyi Pharma’s subsequent clinical development and industrialization of innovative drugs.
Industry Significance of This Transaction
Tongyi Pharma’s consecutive completion of Series B and B+ financing reflects the demand for continuous capital support for innovative drug companies after entering the clinical development stage.
For biopharmaceutical companies with innovative technology platforms and multiple R&D pipelines, financing is not only used to support a single project, but also to promote the parallel entry of multiple core pipelines into the clinical development stage.
The focus of this financing on supporting projects such as CBP-1008, CBP-1018, CBP-1019, and CBP-8008 also reflects the close connection between capital support and the advancement of innovative drug R&D pipelines.
From an industry perspective, allocating capital around innovative technology platforms, clinical pipelines, and industrialization capabilities is an important financing need for healthcare companies in their growth process.
Transaction Highlights
1. Consecutive Completion of Series B and B+ Financing
In 2023, Tongyi Pharma consecutively completed its Series B and B+ financing rounds, with a total financing amount of nearly $100 million, providing funding support for subsequent R&D investment.
2. Participation of Multiple Types of Investment Institutions
This financing attracted multiple types of investors, including healthcare investment institutions, industrial capital, and local industrial funds, while also receiving continued support from existing shareholders.
3. Focusing on the Core Bi-XDC Technology Platform
The financing proceeds are focused on supporting the clinical development of the Bi-ligand drug conjugate (Bi-XDC) innovative drug pipeline.
4. Multiple Core Pipelines Enter Clinical Stage
Core pipelines such as CBP-1008, CBP-1018, and CBP-1019 have entered different stages of clinical development, and CBP-8008 is advancing its China-US IND filing.
5. International Clinical Development Layout
Projects such as CBP-1018 and CBP-1019 are advancing their China-US clinical development, reflecting Tongyi Pharma’s layout for R&D of innovative drugs for the international market.
T-Capital’s Healthcare Financing Services
T-Capital has a long-term focus on capital transactions and strategic cooperation in the healthcare industry, providing financing and capital transaction advisory services for healthcare companies.
For healthcare companies in the R&D, clinical development, commercialization, or industrial expansion stages, the financing strategy needs to be designed in conjunction with the company’s development stage, product pipeline, technology platform, capital needs, and long-term strategy.
T-Capital can provide services including:
- Private financing;
- Financing strategy design;
- Investor screening and capital matchmaking;
- Transaction structure design;
- Financing negotiation support;
- Healthcare industry capital transaction advisory services.
Project Keywords
Tongyi Pharma | Series B Financing | Series B+ Financing | Innovative Drug Financing | Bi-ligand Drug Conjugate | Bi-XDC | CBP-1008 | CBP-1018 | CBP-1019 | CBP-8008 | Healthcare Financing | Biopharmaceutical Financing | T-Capital