Biopharmaceutical firm AusperBio has raised $37 million in a Series A round led by InnoPinnacle Fund as it looks to expand its operations.
InnoPinnacle Fund is a USD-denominated investment fund set up by Hong Kong-listed Innovent Biologics. While it operates independently from the listed- firm, the fund targets opportunities across drug innovation and biotechnology.
Others who participated in the round include YuanBio Venture Capital; Hankang Capital; Qiming Venture Partners; and Genesis Capital, per a statement.
Founded in 2019, AusperBio is a Phase II clinical-stage biopharmaceutical firm which focuses on hepatitis B virus treatment. The firm said it plans to use the corpus to accelerate the Phase II clinical trial of its drug candidates.
With offices in Hangzhou and San Mateo, California, AusperBio previously secured 100 million yuan ($14.5 million) in its pre-Series A+ round.
The investment comes in at a time when pharmaceutical companies located in the Greater China region witnessed a 40.7% fall in venture funding from $1.5 billion in Q1 2023 to Q1 2024 to $878.5 million, according to DealStreetAsia’s proprietary data.
Meanwhile, during the period, the deal count dropped by 21.7% to 36 deals.
Among other biopharmaceutical firms that raised funding in July, vaccine developer Maxvax Biotechnology raked in capital from IDG Capital, among others, in an extension round; while antisense oligonucleotide (ASO) drugs developer ASOcura Pharmaceuticals closed its Series A round led by SDIC Venture Capital.
