Kangpu Biopharma Announces Closing of ￥250M Series B Financing

(VCBeat) May. 10, 2021 -- Kangpu Biopharmaceuticals, Ltd. ("Kangpu Biopharma") today announced that it has recently completed a Series B financing of RMB250 million, led by Lapam Capital, Yijing Capital, Shining Capital, ABC International, Zhongguancun Kaiyuan Capital, and Ruihe Venture Capital. The raised funds will be used to accelerate the development of Kangpu Biopharma's products based on protein ubiquitination and degradation.

Kangpu Biopharma is a clinical-stage company focused on the discovery and development of innovative small molecules for the treatment of solid tumors, hematological malignancies, auto-immune diseases as well as inflammatory disorders through novel-generation solutions including targeted protein ubiquitination and degradation. 

Led by a highly experienced and dedicated management team, Kangpu Biopharma has built a rich and solid pipeline of potential first-in-class and best-in-class drug candidates. The company has also developed X-Synergy^®, a proprietary drug combination technology for the treatment of metastatic and non-metastatic castration-resistant prostate cancer.

Dr. Ge Chuansheng, Founder, Chairman and CEO of Kangpu Biopharma, said, "We are very honored to have gained trust and support from many outstanding investors in this round of financing. The proceeds will be used for accelerating the development of the clinical-stage pipeline and the consolidation of the company's position in the field of molecular glues & targeted protein ubiquitination and degradation technology."

Headquartered in Beijing, Lapam Capital is a leading venture capital firm focusing on the biomedical market in China. At present, Lapam Capital manages 4 funds, with a total scale of more than 4 billion yuan. It is the only biomedical fund invested by the National Social Security Fund. Lapam Capital invests in the fields of innovative drugs and medical devices, covering the start-up, early, middle and growth stages.

Yijing Capital is an investment company that focuses on the medical and healthcare sector. Founded in 2015 as a sister company of Yizhou Group, Yijing Capital owns multiple investment platforms, undertaking equity investment with both self-owned and externally sourced funds. Yijing Capital has completed a dozen of investment projects domestically and internationally, covering sectors including smart manufacturing, medical and health-care, AI, new retail, education, and new energy.