4 December 2020 - - China-based biopharmaceutical company CANbridge Pharmaceuticals Inc has completed a USD 43m Series E financing, led by 3W Fund Management, the company said.

New investors include Casdin Capital, Summer Capital, SPDBI and Yaly Capital, with additional participation by existing investors, including Hudson Bay Capital Management, RA Capital Management, Hangzhou Tigermed Consulting Co. Ltd and LYFE Capital.

The raise, which was expanded due to high demand, is a follow-on of the USD98 m Series D financing, completed in February.

The proceeds will be used to expand the CANbridge rare disease pipeline through internal development and external partnerships, accelerate the clinical development of pre-clinical stage assets, prepare the commercial launch of CAN101 (Hunterase) and supplement working capital.

CANbridge recently received marketing approval in China for its first rare disease candidate, Hunterase, for the treatment of Hunter syndrome (mucopolysaccharidosis II or MPS II).

In addition, it has a deep rare disease pipeline, which includes an ongoing strategic partnership for rare disease treatment development with WuXi Biologics and two collaborative agreements with the Horae Gene Therapy Center at the UMass Medical School for rare disease gene therapy research.

In addition, CANbridge recently received marketing approval for its second commercial product, Nerlynx (neratinib), in Taiwan, for early stage HER2-positive breast cancer.

3W Fund Management was incorporated in 2012 and is currently based in Hong Kong. 3W Fund Management is an investment management firm with expertise in equity investments.

The firm currently manages two US-dollar denominated funds for institutional investors, including sovereign wealth fund, pension, and endowments globally.

Adopting fundamental research methodology, the firm invests in both private and public markets.

3W Fund seeks to generate capital appreciation, with continuous efforts in company research and long-term investment horizon. 3W Fund is primarily focused on investments in consumer, TMT and healthcare sectors.

CANbridge Pharmaceuticals is a biopharmaceutical company accelerating the development and commercialization of specialty healthcare products for orphan diseases and targeted cancers to address unmet medical needs.

CANbridge has a global partnership with WuXi Biologics to develop and commercialize proprietary therapeutics for the treatment of rare genetic diseases.

In greater China, where it is in orphan diseases, CANbridge has an exclusive licensing agreement to commercialize Hunterase, an enzyme replacement therapy for the treatment of Hunter syndrome, developed by GC Pharma and marketed in more than 11 countries worldwide.

CANbridge also has a collaborative agreement with the Horae Gene Therapy Center at UMass Medical School for the research and development of gene therapies to treat rare genetic diseases.