Private Chinese Investors Invest $100 Million in US-Chinese Therapeutics Joint Venture, Ascletis

With two headquarters based in both Chapel Hill, North Carolina, and Hangzhou, China, Ascletis is a US-Chinese joint venture that aims to provide effective therapeutic solutions for infectious diseases and cancer. The company announced on April 6, 2011, that it has raised $100 million led by the Hangzhou Binjiang Holding Company and private undisclosed Chinese private investors. The fund is primarily design to enhance the development of important therapeutic solutions for both cancer and infectious diseases. The company has also received the first tranche of this massive funding round, totaling $50 million. Besides private investors from China making the lion’s share of this funding round, private investors from the United States and other countries also participated in this funding round.

As part of this massive deal, Ascletis will conduct all of its major operations in its corporate headquarters in Hangzhou, China, however, at the same time, the company will also have its foot in the United States, with company offices running some major operations in the Research Triangle Park area in North Carolina. This is an investment that is designed to benefit the business community in both countries.

The person who is the life blood of Ascletis is Dr. Jinzi J. Wu, PhD, who is both the company’s cofounder and CEO. Dr. Wu, prior to founding Ascletis was also a key figure at one of the biggest movers and shakers in the Research Triangle companies, GlaxoSmithKleine, where he played a key role in the Global HIV Drug Discovery at the company. Dr. Wu is well qualified to be at the helm of Ascletis, since prior to working on HIV drugs at GlaxoSmithKleine, he has over 18 years of experience in both in the successful development of effective drugs and other therapeutic solutions at both major pharmaceutical companies and startup biological and life science companies.

Proceeds from this funding round will go to realize the company’s two-prong business strategy, which entails both accelerating revenues by sustaining a business that can address and lead the rapidly growing pharmaceutical marketplace in China and to build long-term value by developing, commercialization innovative therapeutic solutions, as well as partnering with innovative entrepreneurs who can also contribute their compounds to develop powerful drugs that can treat many of the life threatening diseases that many suffer from today.

According to Dr. Wu, the multinational team at Ascletis is very pleased to have such a large multinational group of investors supporting the aim that the company has at finding powerful therapeutic solutions to fight many of the most life threatening diseases that plague major groups of populations around the world. Dr. Wu further added that this investment as well as the funding of Ascletis is a merger of both Chinese finance and research and the innovation found in the United States.

Neither Hangzhou Binjiang Holding Company nor any of the private investors who led this funding round do not disclose their portfolio companies to the public.