KUALA LUMPUR, Oct 30 (Bernama) -- Terns Pharmaceuticals Inc announced the closing of US$80 million (RM334.4 million) Series B financing. (US$1 = RM4.18). The global biopharmaceutical company is focused on discovering and developing molecularly targeted, oral, small-molecule drugs to treat NASH and cancer.
According to a statement, the proceeds will be used to support development of clinical and preclinical NASH candidates.
The financing was led by new investors Vivo Capital and OrbiMed, joined by new investor Decheng Capital – existing investor Lilly Asia Ventures also participated to provide continuous support.
“Terns leverages a combination of expertise in disease biology, medicinal chemistry and extensive clinical development capabilities to build its high-quality and diverse pipeline for the treatment of NASH, offering an incredible opportunity to bring potentially promising new therapies to patients,” said Vivo Capital's Managing Partner and Co-CEO, Shan Fu.
President and CEO of Terns, Weidong Zhong said: “We are excited about the progress we’ve made on our clinical and preclinical programs. Our lead programs TERN-101 and TERN-201 are on track to enter the clinic in the first half of 2019 and additional NASH programs are advancing rapidly towards preclinical development.
“The progress so far has put us one step closer to our goal of discovering effective and safe combination therapies for patients with NASH and liver fibrosis,” added Zhong.
More details at www.ternspharma.com
--BERNAMA
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