VISEN Pharmaceuticals, a biotech company focused on developing and commercializing innovative endocrine drugs that address significant unmet needs for patients in Greater China, announced today the closing of a $150 million Series B financing.
The round was led by Sequoia China with participation from OrbiMed, Sherpa Healthcare Partners, Cormorant, HBM Healthcare Investments, Pivotal bioVenture Partners China, Logos Capital, and CDG Capital, as well as all of the existing investors, including Ascendis Pharma A/S, Vivo Capital and Sofinnova Investments. Proceeds of the Series B financing will be used to accelerate the clinical development of the potential best-in-class portfolio drug candidates and to build a strong foundation for commercialization.
"We appreciate the confidence from our existing shareholders as well as our new investors in our innovative endocrine portfolio, and our team, who have strong medical expertise in endocrinology. Endocrinology is a large therapeutic area with significant unaddressed medical needs in Greater China, and there is a gap of treatment standard in comparison with US and EU," said Pony Lu, CEO and board member of VISEN Pharmaceuticals. "We will unceasingly be dedicated to bringing in innovative and potential best-in-class or first-in-class therapies to address the unmet needs of patients in Greater China. The VISEN team has achieved multiple milestones for our three endocrinology drug candidates: TransCon hGH (lonapegsomatropin), TransCon PTH and TransCon CNP since its formation in late 2018. Series B funding will help to accelerate our clinical development, manufacturing, and commercialization of our three leading products, and establish a strong foundation on which we will enrich our pipeline from diversified international partnerships."
"Our relationship with VISEN is a key element of our Vision 3x3 strategy to extend the global reach of our TransCon endocrinology rare disease product candidates and improve patients' lives around the world." said Jan Mikkelsen, President and CEO of Ascendis Pharma and board member of VISEN Pharmaceuticals. "Since VISEN's inception in 2018, the company has made significant progress on its clinical activities in Greater China, which we believe will enable us to get our products to patients worldwide as soon as possible."
Mr. Shan Fu, Managing Partner at Vivo Capital and board member of VISEN Pharmaceuticals, commented: "There is tremendous opportunity and commercial potential for VISEN Pharmaceuticals. We believe that in this dynamic market, VISEN's leadership team will continuously create value for shareholders by bringing breakthrough therapeutics to the Greater China market. Vivo Capital is excited to continuously support VISEN Pharmaceuticals in its mission and development". Dr. Dandan Dong, Managing Director of Vivo Capital and board member of VISEN Pharmaceuticals, said: "VISEN Pharmaceuticals has made remarkable achievements over the past two years as the leading endocrinology expert in China, and has built an innovative drug pipeline to address huge unmet medical needs. The participation of new investors in the Series B financing is an important milestone underscoring the strong confidence of investors in the growth of the company as a leading pharmaceutical company focusing on endocrinology products in Greater China."
"VISEN Pharmaceuticals has introduced an impressive and highly differentiated endocrinology-focused drug pipeline to patients in Greater China, and we are very delighted to support the clinical development of the drug candidates. With advanced platform technology from Ascendis Pharma and win-win collaboration between strategic investors and the Company, we believe that the Company will accelerate the process of bringing in the world's leading therapeutics to Chinese patients and promote the rapid and healthy growth of the industry." commented by Cyber Cao, Managing Director at Sequoia China.
With its "Patient First" approach, VISEN Pharmaceuticals is developing its leading clinical assets: TransCon hGH (lonapegsomatropin), TransCon PTH, and TransCon CNP, in the Greater China market. Currently, the Phase 3 study of TransCon hGH (lonapegsomatropin) in China is ongoing. The ACcomplisH China Phase 2 study of TransCon CNP just received IND approval from the National Medical Product Administration on 7th January 2021 and will soon be initiated in coordination with the ACcomplisH trial, which is the Phase 2 global clinical trial of TransCon CNP being conducted by Ascendis Pharma.