Chinese biopharmaceutical company Alebund Pharmaceuticals reported on Monday the receipt of USD54.5m under its Series B+ financing round.

The round was led by 3H Health Investment, Loyal Valley Capital and Morningside Ventures, YuanBio Venture Capital, Octagon Capital, Verition Fund Management and HT Capital, Lilly Asia Ventures, Quan Capital, 3E Bioventures Capital and Sherpa Healthcare Partners.

According to Alebund, the proceeds raised in this round will help accelerate the development of its renal disease treatment, the construction of the manufacturing site, the research of pre-clinical assets and the expansion of its talent pool.

Chronic kidney disease (CKD) has great potential in patient demand due to a lack of diagnosis and treatment. The company has built a diversified and balanced pipeline of drug candidates after three years of rapid growth, targeting a range of major renal diseases, including CKD/Dialysis complications, IgA nephropathy, diabetic kidney disease, and autosomal dominant polycystic kidney disease (ADPKD).