HighTide Therapeutics Raises $107 Million in Series Financing to Advance Innovative Pipeline and Business Collaborations
HighTide Therapeutics, a globally integrated clinical-stage biopharmaceutical company developing novel multifunctional therapies for metabolic and digestive diseases, has announced the closing of a $107 million Series C/C+ financing led by the TCM Healthcare Fund of Guangdong, managed by China Development Bank Capital. Other investors included Yuexiu Fund and Yuthai Fund.
Proceeds of the financing will be used to advance multiple global development programs, including mid-to-late-stage clinical trials, and the commercialization and business development of the company’s robust pipeline. HighTide’s lead candidate HTD1801, is a novel multifunctional molecule, being developed for the treatment of patients suffering from complex metabolic and digestive diseases. HighTide has successfully completed multiple clinical trials of HTD1801 and continues to advance its global development programs as follows:
— A Phase 2 clinical study in type 2 diabetes (T2DM) is near completion;
— A Phase 2b clinical study in nonalcoholic steatohepatitis (NASH) has been initiated; and
— A successful End-of-Phase 2 (EOP2) meeting was held with the U.S. Food and Drug Administration (FDA) based on the positive findings from the Phase 2 clinical study in primary sclerosing cholangitis (PSC).
“After completing a successful $60 million Series B+ round at the end of 2020, we are thrilled to have well-recognized investors participate in our C/C+ round. We are grateful that our investors have such strong confidence in HighTide’s team, the commercial value of our pipeline, and future development prospects,” said Liping Liu, Ph.D., founder and Chief Executive Officer of HighTide. “The Series C/C+ financing is a significant milestone for HighTide. It will enable us to move aggressively to accelerate the clinical and commercial development of our innovative pipeline and external business collaborations.”
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