Alebund Pharmaceuticals, a biopharma startup based in Shanghai, has raised $54.5 million in Series B+ funding to develop novel treatments for kidney-related diseases.
The funding round was led by 3H Health Investment, Loyal Valley Capital, and Morningside Ventures. Other firms like YuanBio Venture Capital, Octagon Capital, Verition Fund Management, and HT Capital also participated. Dr. Minchuan Wang, Partner at 3H Health Investment, said about the firm’s investment:
“Renal diseases are among the most prevalent chronic diseases and there’re huge unmet needs. Alebund has established an impressive pipeline, and more importantly, has built a team with outstanding clinical development experience and highly efficient execution. We are pleased to co-lead the Series B+ financing and are excited to join forces with Alebund and other investors to bring innovative therapies to renal diseases patients in China and globally. We look forward to contributing our clinical, business, and policy resources to further strengthen the company’s capabilities, and are confident that Alebund is well-positioned to be a leader in renal disease therapeutics.”
Alebund specializes in the research and development of therapies for kidney and related chronic diseases. For this purpose, it will be using the new funds to accelerate the development of its clinical programs, build facilities, and expand its work team.
As China’s first biopharma startup specializing in the development of novel therapies in this area, Alebund was able to raise $60 million only four months ago. Alebund Co-Founder and CEO, Dr. Gavin Xia referred to the significance of this new funding round by stating:
“The B+ financing round once again shows global investors’ strong belief in Alebund’s capabilities to develop novel kidney disease drugs. We are very grateful to the new and existing investors who support us to maintain our leading position in renal therapy innovation and to provide global renal patients with safe and effective therapies soon.”
With kidney disease becoming an increasingly prevalent threat to human health Alebund has built up a diverse drug supply focusing on kidney-related diseases over the past 3 years. This progress has allowed the biopharma startup to get closer to its mission of revolutionizing the healthcare industry when it comes to the treatment of chronic kidney disease.