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New U.S.-China Drug Development Company Announces Huge Investment

Apr. 5, 2011

Ascletis, Inc., a US-China biopharma startup, announced a huge $100 million Series A round, led by Hangzhou Binjiang Investment Holding Co. Initially, Ascletis will in-license promising clinical-stage molecules for cancer and infectious diseases, which it will take to China for development and sales.
The company plans to license promising drug compounds from U.S. and European companies and develop them for the Chinese market. It will focus on cancer and anti-inflammatory drugs.