NEW YORK – Chinese startup Anticancer Bioscience (ACB) said on Thursday it has raised an additional ¥68.4 million ($10.6 million) in an extension of its seed financing, bringing the total amount raised to about ¥200 million ($31 million).
The seed extension financing was led by Three Rivers Capital and included existing private Chinese investors. The company will use the funds to advance preclinical development of two pipeline programs, a MYC-synthetic lethal program and a contact inhibition restoration program. ACB hopes to optimize the lead compounds in its synthetic lethality program and identify additional compounds for its contact inhibition restoration program.
The funding will also help advance ACB's other pipeline programs, including drugs targeting polyploid cancer cells, p53 deficient cells, and centrosome declustering drugs, through lead optimization and investigational new drug application-enabling studies. ACB plans to begin two clinical trials of its lead programs in 2022, CEO Dun Yang said in a statement.
Chengdu, China-based ACB uses its drug discovery platforms and small molecule library to identify drugs that can target both genetic and epigenetic vulnerabilities of cancer cells using synthetic lethal approaches.
In February, ACB raised $10 million from undisclosed angel investors to begin advancing its synthetic lethality programs.