BIOCENTURY
14 WEEK OF December 8, 2014
EMERGING COMPANIES
How Chinese healthcare VC firm TF Capital is investing first fund
FAST FUNDING FOR CHINESE HEALTHCARE INNOVATORS
http://www.biocentury.com/biotech-pharma-news/finance/2014-12-08/how-chinese-healthcare-vc-firm-tf-capital-is-investing-first-fund-a13b
TF Capital plans to invest its inaugural China-focused VC fund in innovation and technology in that nation’s healthcare space. The firm, which has about $50 million to invest, has already made about eight investments, including last week’s $10 million series A round for in-licensing play
Canbridge Life Sciences Ltd.
“The whole healthcare sector has changed with the booming middle class, and we see a big
opportunity here,” said TF Capital’s Kevin Chiang.
The firm’s investors include CRO Hangzhou Tigermed Consulting Co. Ltd. (SZSE:300347) and specialty pharma Coland Holdings Ltd. (GreTai:4144), along with VC Qiming Venture Partners.
TF is investing up to $4 million per company and will invest its first fund in about 10-15 companies, including in-licensors as well as novel therapeutic plays and medtech.
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“The fund is focusing on and encouraging more early stage stuff than other funds in China,” said Chiang. He added that it has a duration of eight years, plus or minus two years.
According to Chiang, TF is investing the fund at a faster pace than expected and “very soon will have to raise a second one,” but he declined to disclose a timeline.
TF’s latest investment was last week’s Canbridge deal in which Qiming also participated.
Canbridge CEO James Xue said the company plans to use the funds for R&D for its two in-licensed programs and to add specialty care assets.
Early next year, CANbridge plans to file clinical trial application in China on phase II study of ATI-1123 in non-small cell lung cancer and will initiate CFDA registration process with Caphosol, an adjunct treatment for chemo and radiation induced oral mucositis.
Canbridge has rights in China, Taiwan and South Korea to ATI-1123, a protein-stabilized nanoparticle formulation of docetaxel, from Azaya Therapeutics Inc.; and rights from Jazz Pharmaceuticals plc (NASDAQ:JAZZ) to Caphosol in China and parts of North Asia.
TF and Qiming are also investors in Zai Laboratory Inc., another China-based in-licensing play.
Zai raised $32 million in an A round in September (see BioCentury, Sept. 22, 2014).
— Jennifer Rhodes