CGeneTech

Aug 2, 2019

Aug. 2 Financial Quick Takes: Rakuten Medical bags another $100M; plus CGeneTech, Zecen, Qyuns and more 4:30 PM Rakuten Medical raises another $100 million  Rakuten Medical Inc. (San Diego, Calif.) raised $100 million in a series C-1 round from existing investor Rakuten Inc. (Tokyo:4755), giving the Japanese internet giant a 22.6% stake. The biotech closed a $284 million series C round in December 2018, with Rakuten Chairman and CEO Hiroshi Mikitani leading the round. Mikitani is also CEO of Rakuten Medical, formerly known as Aspyrian Therapeutics Inc. The company's photoimmunotherapy, ASP-1929, is in Phase III testing for squamous cell carcinoma of the head and neck (SCCHN); it consists of cetuximab conjugated to IRDye 700DX, a chemical dye activated upon near-infrared light illumination, to induce cell death in cells expressing EGFR. RAPT delays IPO  A spokesperson for RAPT Therapeutics Inc. (South San Francisco, Calif.) told BioCentury the company has chosen to delay its IPO but declined to disclose why. The inflammatory disease company had proposed in July to sell 5 million shares at $14-$16. Hongtai backs Chinese companies CGeneTech, Zecen, Qyuns   Hongtai Capital led separate venture rounds for small molecule company CGeneTech Co. Ltd. (Suzhou, China), diagnostics play Jiangsu Zecen Biotechnology Co. Ltd. (Jiangsu, China) and autoimmune disease company Jiangsu Qyuns Bio-Pharmaceutical Co. Ltd. (Jiangsu, China). CGeneTech raised RMB130 million ($18.7 million) in an A+ round that also saw participation by ABC International. The financing will be used to support development of the company’s small molecule pipeline including lead candidate cetagliptin, a DPP-4 inhibitor in Phase I testing for diabetes. Jiangsu Zecen completed a RMB180 million ($25.9 million) series C round. WuXi Capital, Ningbo Ruiyun and other investors joined the round. The company markets chemiluminescence-based diagnostic equipment and reagents for various diseases including cancer, diabetes, hepatic fibrosis and infectious disease. Jiangsu Qyuns, which develops biosimilars and antibodies, raised "several hundred" million RMB in a series B round also backed by Hefu Ruitai and Triwise Capital. Its tocilizumab and ustekinumab biosimilars, QX003S and QX001S, are in Phase I trials for rheumatoid arthritis and psoriasis, respectively. Its most advanced antibody, QX002N, has received IND approval in China to treat ankylosing spondylitis; its target is undisclosed. Prellis raises $8.7M series A   Prellis Biologics Inc. (San Francisco, Calif.) raised $8.7 million in a series A round led by Khosla Ventures, bringing the total venture capital raised by the company since its founding in 2016 to $10.5 million. Seed investors True Ventures and Indie Bio joined the round. Prellis develops 3-D tissue scaffolds for R&D and organ transplantation. Targets: DPP-4 (CD26) - Dipeptidyl peptidase-4; EGFR (ErbB1; HER1) - Epidermal growth factor receptor User Sign in