CHENGDU, CHINA – 23 February 2021 – Clover Biopharmaceuticals, a global clinical-stage biotechnology company developing transformative biologics as vaccines and therapeutics for the world’s most debilitating diseases, today announced the completion of an oversubscribed $230 million Series C financing. This financing round brings Clover’s total capital raised in the last 12 months to over $400 million (over RMB 2.5 billion). The Series C round was co-led by GL Ventures and Temasek, with participation from Oceanpine Capital, OrbiMed and existing investor Delos Capital.
The proceeds will support the continued development and expansion of Clover’s pipeline of protein-based vaccines and biologic cancer therapies utilizing its innovative and proprietary Trimer-Tag© technology platform. Clover expects to initiate a global Phase 2/3 efficacy trial for SCB-2019 (S-Trimer), its COVID-19 vaccine candidate, in the first half of 2021 and has initiated production planning for potentially hundreds of millions of vaccine doses in 2021. Clover has also initiated development of additional vaccine programs including multivalent SARS-CoV-2 (covering multiple variants), rabies and influenza. SCB-313, a novel TRAIL-Trimer fusion protein targeting intracavitary malignancies (including malignant ascites), is in multiple ongoing Phase I clinical trials in Australia and China, with encouraging efficacy signals and a favorable safety profile demonstrated to-date. Clover also expects to advance multiple new pipeline products to the clinic in 2021 and further expand its in-house R&D and cGMP commercial biomanufacturing capabilities.
Joshua Liang, Chief Executive Officer and Board Director of Clover said, “Our goal has always been to bring our innovative vaccines and biologic therapies to the world by leveraging our proprietary Trimer-Tag platform technology, state-of-the art cGMP biomanufacturing capabilities, and passionate team of over 500 scientists, experienced industry professionals and advisors. We look forward to using the proceeds from this financing round to accelerate development of our pipeline, expand our in-house R&D and biomanufacturing capabilities and move closer to our mission of improving the quality of life and wellbeing for patients around the world.”
Michael Yi, Co-CIO and Partner of Hillhouse Capital, said: “We are pleased to support the continuous development of Clover’s promising pipeline, centered on its novel Trimer-Tag© technology platform. Clover has had a tremendous year of growth with the rapid advancement of the COVID-19 S-Trimer vaccine candidate through clinical development, and we look forward to potentially seeing the Company provide this much-needed vaccine to communities in need across the globe. In addition, Clover’s robust and differentiated pipeline of vaccines and biologic therapeutics hold great promise to make a difference in other infectious diseases and oncology indications.”
About Clover Biopharmaceuticals
Clover Biopharmaceuticals is a global, clinical-stage, research-based biotechnology company focused on discovering, developing and commercializing transformative biologic therapies, with a focus on oncology and autoimmune diseases, as well as viral vaccines. Having raised more than USD $400 million in total capital since 2020, Clover is utilizing its proprietary Trimer-Tag© technology platform to develop novel biologics targeting trimerization-dependent pathways. Additionally, Clover is leveraging its in-house GMP biomanufacturing capabilities which has been certificated by a Qualified Person (QP) within the European Union (EU) to support GMP production of its biologic products. For more information, please visit our website: www.cloverbiopharma.com
Source: Clover Biopharmaceuticals
