IMPACT Therapeutics, Inc. (IMPACT), a China-based clinical-stage biopharmaceutical company dedicated to the discovery and development of "best-in-class" medicine for the treatment of cancer and other life-threatening diseases, today announced the completion of $30 million in series C financing. The series C round was led by Decheng Capital (Decheng), with participation from existing investor Lilly Asian Ventures (LAV). Proceeds from the series will be used for the clinical development of IMP4297, a potential best-in-class PARP inhibitor, and to advance IMPACT's integrated programs targeting DNA Damage Response (DDR).
PARP inhibitors are targeted therapies for cancer patients with defects in DNA repair mechanisms, such as with BRCA1 and BRCA2 mutations. Three PARP inhibitors, which have been shown to be tolerable and effective in clinical studies, have already been approved for marketing outside of China. IMP4297 has demonstrated an excellent safety profile and good preliminary efficacy in phase I clinical trials in Australia and China, which is consistent with the high potency and large therapeutic window found in pre-clinical studies.
"We are grateful for the faith our new and existing investors have shown in us, and for sharing our vision of developing the best potential treatments for cancer patients with DNA repair defects," commented Dr. Ye Edward Tian, CEO of IMPACT. "Decheng and LAV are renowned global VC firms in the biomedical industry. With the capital and resources provided by Decheng and LAV, we will be able to advance the clinical development of IMP4297 and enrich our pipeline."
"IMPACT is committed to the discovery and development of best-in-class therapeutics to treat cancer and other life-threatening diseases. Our data indicates that IMP4297 could be more efficacious and/or less toxic than other PARP inhibitors currently in the market, making it a potential best-in-class drug," added Dr. Sui Xiong Cai, SVP and CTO of IMPACT. "With this series C financing, we are well-positioned to achieve key data milestones as we accelerate the clinical development of IMP4297, in the hope of bringing it to market and patients soon."
"IMP4297 has shown potential to be a best-in-class drug in both pre-clinical studies and clinical trials. IMPACT is an excellent Chinese company with products that can compete globally," said Dr. Xiangmin Cui, Founder and Managing Director of Decheng. "We are very happy to collaborate with the IMPACT team and to support IMPACT's growth."
"IMPACT is advancing its IMP4297 program steadily," said Dr. Fei Chen, Managing Partner of LAV. "We have seen excellent results from the clinical trials of IMP4297. As an existing investor from the previous two rounds of financing, LAV will continue to support IMPACT with capital and resources."
About Decheng Capital
Founded in 2012, Decheng is a leading VC firm investing in the biomedical and healthcare sectors. With more than $1 billion in capital under management, Decheng provides financial and strategic support to entrepreneurs, innovators and startup companies to take advantage of opportunities in China's fast-growing healthcare, biomedical and pharmaceutical industries. Well placed to capitalize on revolutionary breakthroughs in life-science innovation worldwide, Decheng has offices in Shanghai and Silicon Valley.
About Lilly Asia Ventures
Founded in 2008 and headquartered in Shanghai, LAV is a leading VC firm investing in the biomedical, pharmaceutical and medical devices/diagnostics industries. LAV provides early-to-growth-stage companies with capital, professional expertise and valuable resources. LAV has offices in northern California, Shanghai and Hong Kong.
About IMPACT Therapeutics, Inc.
Based in China, IMPACT is committed to the discovery and development of best-in-class therapeutics to treat cancer and other life-threatening diseases. IMPACT is a clinical-stage company with a unique small-molecule drug discovery and development platform targeting DDR. IMPACT's leading program, PARP inhibitor IMP4297, is currently undergoing phase I trials in Australia and China.