On March 27, 2023 ArriVent Biopharma, Inc., dedicated to accelerating the global development of innovative biopharmaceutical therapeutics, reported the completion of a $155 million oversubscribed Series B financing (Press release, ArriVent Biopharma, MAR 27, 2023, https://arrivent.com/press-release/arrivent-biopharma-closes-155-million-oversubscribed-series-b-financing/?utm_source=rss&utm_medium=rss&utm_campaign=arrivent-biopharma-closes-155-million-oversubscribed-series-b-financing [SID1234629357]). The proceeds will be used to support pivotal Phase 3 and additional studies with the Company’s lead product candidate furmonertinib – a highly brain penetrant, mutant-specific EGFR kinase inhibitor – as well as the continued expansion of its pipeline.
The financing was led by Sofinnova Investments and General Catalyst, with participation from additional new investors including Catalio Capital Management, HBM Healthcare Investments, Shanghai Healthcare Capital, Sequoia China, AIHC Capital, Terra Magnum Capital Partners, Unicorn Capital Partners Limited, and Infinitum Asset Management. All existing investors—which include Lilly Asia Ventures, OrbiMed, Octagon Capital Advisors, Sirona Capital, and Boyu/Zoo Capital—also participated in the round. Commensurate with this financing, Jim Healy, Sofinnova Investments, and Carl Gordon, Orbimed Advisors, will be joining ArriVent’s board of directors.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We are pleased to have attracted capital and support from leading new and existing investors, and to welcome two new distinguished board members, who recognize the urgency and value of globalizing innovative medicines for patients who have limited treatment options," said Bing Yao, Ph.D., Chairman, Co-founder and Chief Executive Officer of ArriVent. "With this Series B financing, we have now raised more than $300 million to date, resulting in a strong financial position to further advance and broaden our global development plans for furmonertinib, as well as support our growing pipeline of best and first-in-class oncology therapeutics."
"ArriVent is accessing innovations on a global scale and pursuing a more capital efficient path for drug development, while improving treatment options for patients," said Jim Healy, M.D., Ph.D., Managing Partner of Sofinnova Investments. "We look forward to working with the ArriVent management team and investors to accelerate the approval of potentially life-changing therapies for patients with cancer."
"We are proud to partner with ArriVent in their mission to provide global access to life-improving medicines. With multiple FDA-approved products over the course of their careers, we believe the ArriVent team is uniquely positioned to globalize cancer medicines," said Elena Viboch, Partner at General Catalyst.