Clover Biopharma adds Tim Xiao and Guangyu Xu to Board along with raising $43m Series B funding led by Delos Capital and Lapam Capital

– CHINA, Chengdu –  Clover Biopharmaceuticals, a global clinical-stage biotechnology company focused on developing novel and transformative biologic therapies, today announced the completion of a US$ 43 million Series B financing led by Delos Capital and Lapam Capital, with participation from Betta Capital, Sichuan Health Care Industry Fund, Beijing Zhongguancun VC and Jinlong Group.

Concurrent with the financing, Tim Xiao, CFA, FRM, Principal of Delos Capital and Guangyu Xu, Partner of Lapam Capital, will join Clover’s board of directors.

This financing round brings Clover’s total capital raised since 2016 to over US$ 100 million.

The proceeds will support the continued clinical development of Clover’s biological candidates, operations of its new commercial-scale cGMP biomanufacturing facility, and expansion of its preclinical R&D pipeline utilizing its innovative and proprietary Trimer-Tag technology platform. SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies, has initiated multiple Phase I clinical trials globally in both Australia and China. SCB-808, a proposed biosimilar of Enbrel being developed in the prefilled syringe formulation, is expected to enter Phase III clinical testing in 2019. Clover’s state-of-the-art 35,000m2 cGMP biomanufacturing facility, with an initial 2 x 2,000 L bioreactor capacity, has completed construction and will support Clover’s clinical trials as well as future commercial production.

“As a research-based, science-driven biotechnology company, our mission has always been to bring our innovative biologic therapies to the world by leveraging our proprietary Trimer-TagÓ drug development platform with global IP position, state-of-the-art cGMP biomanufacturing capabilities, and passionate team of scientists and highly-experienced industry professionals,” said Dr. Peng Liang, co-founder, Chairman and President of Clover. “We look forward to using the proceeds from this financing round to further accelerate our drug development and move closer to our goal of becoming the first truly-innovative global biologics R&D powerhouse founded in China.”

“We are pleased to complete this financing round, as it will allow us to advance our lead biologic candidates into late-stage clinical development, expand our internal R&D capabilities and continue to build a world-class team,” said Joshua Liang, Chief Strategy Officer and Board Director of Clover. “As one of the few global biotechnology companies based in China with both a truly innovative drug development platform and in-house cGMP biomanufacturing capabilities, we are pleased that renowned investors have recognized the potential of our company.”

“We are proud to invest in Clover, which has made great strides in advancing its proprietary platform technology from concept to human clinical proof-of-concept and is targeting diseases of high unmet medical needs globally. We look forward to supporting the company in their development and also helping to create additional value from global collaborations,” said Tim Xiao, Principal of Delos Capital.

“We are very impressed with Clover’s fully-integrated biologics development capabilities as well as its scientific team and technology platforms. We look forward to helping Clover bring their innovative and impactful medicines to market quickly and efficiently for the benefit of patients,” said Guangyu Xu, Partner of Lapam Capital.

About Clover Biopharmaceuticals

Clover Biopharmaceuticals is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing transformative biologic therapies, with a focus on oncology and autoimmune diseases. Clover is utilizing its proprietary Trimer-Tag technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house cGMP biomanufacturing capabilities to develop select biosimilars.

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About Lapam Capital

Lapam Capital is a leading healthcare-focused venture capital firm in China and manages 3 funds with over RMB 2 billion in capital under management. Lapam Capital targets start-up, early-stage and fast-growing companies that have innovative and disruptive healthcare technologies, including small-molecule therapies, biologics, and medical devices. Lapam Capital has invested in over 30 biopharmaceutical companies and 10 medical device companies to date; representative investments include Betta Pharmaceuticals, RemeGen and Eyebright Medical Group. In 2018, Lapam Capital’s biopharmaceutical investment portfolio generated nearly half of all NDA filings for innovative new drugs in China. With an investment team comprised of seasoned industry experts, Lapam Capital provides comprehensive value-added services tailored for its healthcare portfolio companies.

About Delos Capital

Delos Capital is a healthcare-focused fund, investing in growth platforms in Greater China and relevant innovation in the U.S. in both therapeutics and medical technology areas. Delos Capital seeks to achieve returns through supporting these companies in their development and also helping to create additional value from the collaboration between these companies. With the extensive expertise and experience in both Greater China and the US, Delos Capital believes that it is well-positioned to help with such collaboration. Delos Capital currently manages two funds, with over US$ 330 million in total capital under management.

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