CHINA – Avistone Biotechnology, a Beijing, China-based biotechnology company focused on precision oncology therapeutics, closed a Series B financing of ~$140 million USD.
The round was led by SDIC CS Capital and IDG Capital, with participation from Yanchuang Capital and Cathay Capital. Existing shareholder Bain Capital continued to make additional investments.The company intends to use the funds to support clinical research and development of its pipeline, including both drug monotherapy studies and internal combinations, to accelerate the screening of new molecules, to support clinical studies and expansion in the United States of America, and to support commercialization of PLB1001 (Vebreltinib) in China. Led by Dr. Hepeng Shi, Founder and CEO, Avistone Biotechnology is an oncology company focused on developing innovative therapies for patients with significant unmet medical needs globally. It has an extensive portfolio and pipeline of targeted therapies. The company’s lead asset is PLB1001 (Vebreltinib), a small-molecule inhibitor that targets MET tyrosine kinase activity. Vebreltinib recently received conditional approval from the National Medical Products Administration (NMPA) as a treatment for patients with MET exon 14 skipping non-small cell lung cancer (NSCLC) in China. The second asset is PLB1004, a potent inhibitor of EGFR tyrosine kinases (TKI), including aberrant activity observed with EGFR exon20 insertion (genetic) mutations in NSCLC tumors.04/01/2024
