China-based biopharmaceutical company, Hangzhou Sciwind Biosciences Co., Ltd. has reportedly secured funds worth US$37 million in its Series B financing round led by LYFE Capital along with existing investors, Haibang Venture Capital and Legend Capital.
Commenting on the financing, Mr. Gang Chen, Partner at LYFE Capital, said the new investment will help Sciwind drive ongoing clinical projects and other First-in-Class drug candidates into clinical development. The funding will also help in the expansion of their talented team and is expected to attract experienced workforce to join the Sciwind team, providing patients with high-quality clinical products whilst bringing profitable financial return to investors.
Mr. Chen added that their firm is elated to be a partner and investor in Sciwind. LYFE Capital is dedicated on investing in biopharmaceutical companies that display extraordinary management teams and promising prospects.
Notably, with major focus on R&D of innovative biologics in the therapeutic niche, Sciwind has driven multiple projects into clinical trials. with recent one being a phase 1 clinical study of XW003 and phase 2 clinical trials including type II diabetes, obesity and NASH (non-alcoholic steatohepatitis), which is expected to be commenced in 2021.
Mr. Chen claims that Sciwind boasts of strong R&D capability and highly-skilled management team, which makes their firm confident about the future of Sciwind. Apart from offering financial support, LYFE Capital will make efforts to offer Sciwind with added support like global collaborations, partnerships, regulatory guidance and local market access.
As per Mr. Tan Hong, MD at Legend Capital, Sciwind’s innovative and entrepreneurial work culture has always impressed their firm. The company (Sciwind) has progressed significantly ever since Legend Captial’s last investment in 2019, and they are looking forward to working closely with Sciwind’s talented team as well as other investors to enhanced patients’ quality of life.