Ascentage, based on research at University of Michigan, has increased its total funding to more than $240m after closing a $150m series C round.

Ascentage Pharma, a China-based cancer treatment based on research at University of Michigan, closed a $150m series C round yesterday. The round was co-led by healthcare-focused investment fund YuanMing Prudence Fund and Oriza Seed Venture Capital, a subsidiary of investment holding firm Suzhou Oriza Holdings. Teng Yue Partners, ArrowMark Partners, HDY International Investment, CTS Capital and CCB International also took part in the round. Founded in 2009, Ascentage Pharma is working on therapies for cancer, hepatitis B and age-related conditions. Its oncology treatment restores programmed cell death in cancers, which normally evade that process to prevent the human body from eliminating malignant cells. The technology is based on research undertaken at University of Michigan led by co-founder and chief scientific officer Shaomeng Wang, who is also a co-founder of Ascentage’s parent company, biopharmaceutical firm Ascenta Therapeutics. The funding will enable Ascentage to achieve key data milestones and advance its pipeline. It is currently running 16 clinical trials in China, Australia and the US. Ascentage had previously closed a $72m series B round in January 2017 led by Future Industry Investment Fund, a private equity unit run by China government-owned State Development and Investment Corporation. The series B round also featured Shiyu Capital, Hidragon Capital, Founder Kip Capital, YuanMing Capital, Oriza Venture Fund and Efung Capital. Oriza Capital, another subsidiary of Suzhou Oriza Holdings, and YuanMing Capital co-led a $15.5m round for the company in August 2015 that included EFung Capital, BioVenture Capital, Grains Valley Venture Capital and a range of unnamed backers. Biotechnology producer 3SBio had already committed $3m as part of a strategic partnership agreement with Ascentage in February the same year. – A version of this article first appeared on our sister site, Global Corporate Venturing.

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