Chinese Academy of Sciences' Cash Capital put up a share of the funds for oncological drug developer OnQuality Pharmaceuticals' first funding round.

OnQuality Pharmaceuticals, a China-based developer of drugs to counteract chemotherapy side effects, has obtained $15m in an inaugural round backed by Cash Capital, an investment arm of Chinese Academy of Sciences, according to PharmaPhorum. The round was co-led by venture firm Matrix Partners China and investment firm BioTrack Capital. Founded in 2018, OnQuality Pharmaceuticals is working on drugs for patients undergoing cancer treatment which lessen side effects associated with existing medications. The company’s lead asset, OQL011, would treat hand-foot skin reaction (HFSR), an adverse chemotherapy response where the patient experiences severe discomfort in the soles of their feet or palms of their hands. HFSR is especially common in patients receiving small-molecule multikinase and VEGF tyrosine kinase-based inhibitors. Proceeds from the round will help develop OQL011 and build on the launch of a 112-patient phase 2 clinical trial at Memorial Sloan-Kettering Cancer Center, which is due to read out in late 2020. A share of the capital will also progress work on the rest of OnQuality’s pipeline, including two pre-clinical candidates due to enter trials in coming months, and two further assets at an early-discovery stage.

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