Week In Review: Ally Bridge Leads $140 Million Of Investments In Three Medical Device Companies

Ally Bridge Group, a Hong Kong-New York life science investment firm, announced it has led $140 million of investments in three new medical device companies, bringing its 18-month total to more than $500 million in private life science companies (see story). ABG's latest investments are: Imperative Care (Campbell, CA) -- $85 million; Venclose Medical (Santa Clara, CA) -- $27 million; and Mavrik Dental Systems (Tel Aviv, Israel) -- $28 million. ABG believes that each of the companies has devised a new medical instrument that will improve care in its field.

KeChow Pharma, a novel drug developer located in Shanghai Zhangjiang High-Tech Park, completed a $45 million Series C round of financing (see story). The company discovers targeted small molecule drugs for cancer that have competitive advantages over existing therapies and co-develops them with partners. KeChow will use the proceeds to support development of HL-085, a novel MAP kinase 1 inhibitor already in trials for malignant melanoma and solid tumors. The round was led by Decheng Capital, with participation from Qiming Venture Partners, Sherpa Capital and Grains Valley Venture Capital.

Cellestia Biotech of Switzerland closed a $20 million Series B financing led by FC Capital of Shanghai and PPF Group of Korea (see story). The company is developing cancer treatments that are based on inhibiting gene transcription. Cellestia plans to use the proceeds to underwrite clinical development of CB-103, a first-in-class small molecule targeted therapy. The company describes CB-103 as a highly selective protein-protein interaction inhibitor that targets an oncogene transcription factor present in specific leukemias, lymphomas and solid tumors.

Metabomed, an Israeli company developing cancer therapies based on inhibiting cancer metabolism, closed a $12.5 million financing led by Yonjin Venture, a division of Shanghai's Yonjin Group (see story). Metabomed also named its first clinical candidate, a first-in-class program that inhibits AcetylCoA Short chain Synthase 2 enzyme in cancers dependent on acetate metabolism. The company has developed a platform using computational biology, genomics and metabolomics to identify small molecule targets that stop the growth of the metabolic structure supporting the cancer. To date, Metabomed has raised $30 million.

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