Hangzhou Sciwind Biosciences Co., Ltd. (Sciwind), a clinical-stage, fast-growing biopharmaceutical company focusing on research and development of innovative biologics, today announced the closing of an US$37 Million series B financing. The financing was led by LYFE Capital and joined by the existing investors, Legend Capital and Haibang Venture Capital.
Sciwind focuses on research and development of innovative biologics in the therapeutic area of chronic metabolic and immunological diseases and has driven multiple projects into clinical trials. A phase 1 clinical study of XW003, has been completed in an overseas clinical site, and phase 2 clinical trials including type II diabetes, obesity and non-alcoholic steatohepatitis (NASH), are expected to be initiated in China in 2021. Two more Investigational New Drug (IND) applications are expected to be filed in 2021 including an oral formulation of a highly active GLP-1 analogue.
''Sciwind is now entering an exciting new era. We welcome the new investors and greatly appreciate the strong support of existing investors. The successful completion of series B financing shows the confidence of the investors in Sciwind team and R&D projects,'' said Hai Pan, Ph.D., Sciwind's founder and CEO. "The new investment will help to drive current clinical projects and push forward other First-in-Class/Best-in-Class drug candidates from our pipeline into clinical development. It also helps the expansion of our talent team and we hope to -attract more talents to join Sciwind team to provide patients with products of high clinical value and bring sustained financial return to the investors."
Mr. Gang Chen, Partner at LYFE Capital, said "We are very pleased to be an investor and partner of Sciwind. LYFE Capital is committed to invest in biopharmaceutical companies with extraordinary management teams and great prospects. Sciwind stands out due to its strong R&D capability and highly experienced management team, which makes us very confident about the future of Sciwind. In addition to financial support, we will make every effort to provide Sciwind with more support, such as global partnerships, collaborations, regulatory guidance and local market access."
Mr. Tan Hong, Managing Director at Legend Capital, said "Sciwind is one of the elite biopharmaceutical companies in China and its innovative and entrepreneurial culture has always impressed us. Since our last investment on Sciwind in 2019, we are delighted to see a series of progress achieved by Sciwind. We look forward to working closely with the talented team at Sciwind and other investors to improve patients' quality of life"