Deals and Financings
Adagene (ADAG), a Suzhou immuno-oncology biopharma, completed a $140 million NASDAQ IPO and climbed 56% higher in open market trading (see story). The company describes itself as a platform-driven, clinical-stage oncology company. Its two platforms are based on addressing protein folding and the motion caused by molecules that create dynamic conformational diversity, allowing an amino acid sequence to adopt multiple structures and functions. It has three lead candidates in clinical trials. Adagene has a market capitalization of about $1 billion.
Shanghai Nuance Pharma in-licensed Greater China rights to a late-stage candidate for osteoarthritis pain from Toronto's Antibe Therapeutics [TSX:ATE] (ATBPF) in a $100 million agreement (see story). Otenaproxesul is similar to naproxen, but it is designed to avoid naproxen's gastrointestinal side effects. Nuance identifies and in-licenses China rights to therapies that have achieved best-in-class, human proof-of-concept status. Nuance will pay $20 million upfront and $80 million in milestones, plus royalties.
Ascletis Pharma [HK:1672] (OTCPK:ASCLF) of Hangzhou participated in the $80 million crossover funding of Sagimet Biosciences, a Bay Area company. In 2019, Ascletis led a second tranche of Sagimet's Series E financing, acquiring China rights to its Phase II NASH treatment as part of the agreement. In June 2020, Sagimet announced ASC40 (TVB-2640) significantly reduced liver fat in its US Phase II trial, the primary efficacy endpoint, with a 61% response rate in the 50 mg group.
Neurophth Bio of Wuhan raised $62 million in a B round to develop its AAV-delivered gene therapies for ocular diseases. The company plans to use the proceeds for IND submissions, a commercially scalable Suzhou GMP manufacturing facility, translational research centers and its portfolio of gene therapies for ocular diseases. Its lead drug, NR082, was granted US orphan disease designation to treat Leber hereditary optic neuropathy (LHON). The B round was led by Guofang Capital and InnoVision Capital.
