Angel Pharmaceuticals
AngelsPharma | APIPL is a fully-integrated Indian pharmaceutical company manufacturing APIs.
| Date | Investors | Amount | Round |
|---|---|---|---|
$41.0m Valuation: $106m | Series A | ||
| Total Funding | 000k | ||
Angel Pharmaceuticals is a biopharmaceutical company headquartered in Jiaxing, China, with additional research and development facilities in Burlingame, California. Founded in 2020, the company was established as a strategic collaboration with the U.S.-based Corvus Pharmaceuticals. The venture was launched with a significant $41 million Series A investment from a consortium including Betta Pharmaceuticals, Hangzhou Tigermed Consulting Company, Puissance Capital Management, and Zhejiang Hisun Pharmaceutical Company, which gave the new entity a post-money valuation of $106 million. Corvus Pharmaceuticals maintains a 49.7% equity stake in Angel and holds three of the five seats on its board of directors.
The company's primary mission is to develop and commercialize a pipeline of innovative drugs for the treatment of cancer, autoimmune diseases, and infectious diseases, with an initial focus on the greater China market. Angel Pharmaceuticals' business model centers on licensing and further developing clinical-stage drug candidates. It has secured the rights from Corvus to develop and commercialize three assets in China: ciforadenant, an adenosine A2A receptor antagonist for diseases like renal cell cancer; CPI-006, a humanized monoclonal antibody against CD73; and CPI-818, an ITK inhibitor for T-cell lymphomas. Additionally, the company holds global rights to Corvus's preclinical BTK inhibitor program. Angel Pharmaceuticals is responsible for all expenses related to the clinical development and commercialization of these licensed programs within China.
The leadership team includes seasoned executives from the pharmaceutical industry. Dr. Richard A. Miller, co-founder of Corvus Pharmaceuticals and a board-certified oncologist, serves as Chairman of the Board and interim CEO. His extensive background includes co-founding IDEC, where he was pivotal in the development of rituximab, and Pharmacyclics, where he led the initial development of ibrutinib. Another co-founder, Ted Wang, Ph.D., founder of Puissance Capital and a former partner at Goldman Sachs, brings deep financial and strategic experience, particularly concerning the Chinese market. The company aims to leverage local talent and expertise to navigate the clinical, regulatory, and commercial landscape in China, planning to initiate multiple clinical trials for its licensed candidates.
Keywords: biopharmaceutical, drug development, oncology, autoimmune diseases, infectious diseases, China healthcare, clinical trials, Corvus Pharmaceuticals, ciforadenant, CPI-006, CPI-818, BTK inhibitor, monoclonal antibody, T-cell lymphoma, renal cell cancer, Series A, venture capital, pharmaceutical licensing, Jiaxing, clinical-stage