Connect Biopharmaceuticals Secures $55 Million in Series B Round of Financing to Accelerate Clinical Development of Novel Immune Modulators

In addition to the financing, Ms. Jennifer Jin, Partner at Advantech Capital, is expected to join Connect's Board of Directors.

Fremont, CA: Connect Biopharmaceuticals, a clinical-stage company that discovers and develops novel immune modulators for the treatment of autoimmune diseases and inflammation, raised a $55 million Series B financing led by new investor Advantech Capital with active participation by current investors Qiming Venture Partners, Northern Light Venture Capital, and Cowin Venture. CEC Capital acted as the exclusive financial advisor for the financing.

The company intends to use the funds to fund the two ongoing Phase 2 clinical trials of its lead drug candidate CBP-307, a next-generation S1P1 agonist, in patients with ulcerative colitis and Crohn's disease. The funding will also support a planned multiple ascending dose clinical trial of CBP-201, a highly potent IL-4Rα antibody, in patients with atopic dermatitis.

In addition to the financing, Ms. Jennifer Jin, Partner at Advantech Capital, is expected to join Connect's Board of Directors.

"We are extremely pleased to welcome such a well-recognized healthcare investor who shares our long-term vision of delivering better and innovative medicines to people with serious chronic autoimmune diseases and inflammation, and we are very grateful to our current investors for their continued support," stated Dr.Wubin Pan, Co-founder, President and Chairman of the Board of Directors of Connect. "We are delighted to welcome Jennifer to the Board and we look forward to working closely with her to guide and support the company as it enters an exciting new phase."

"The successful financing speaks to the significant progress the Connect team has made in advancing our product pipeline in the past two years," commented Dr. Zheng Wei, Co-founder and CEO of Connect. "We are very pleased that CBP-307 and CBP-201, two drug candidates discovered internally, continue to rapidly progress in clinical development.

CBP-307 has shown excellent tolerability, pharmacokinetic properties and biomarker activity in Phase 1 and is currently in Phase 2 trials in patients with ulcerative colitis and Crohn's disease. An interim safety review of the first-in-human CBP-201 clinical trial has shown excellent safety and pharmacokinetic profile and supports progression into a multiple ascending dose study in patients with atopic dermatitis. This new funding will support the continuing development of these internally discovered drug candidates in patients with serious diseases and high unmet needs."

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