A global clinical-stage biotechnology company, Clover Biopharmaceuticals, focused on discovering, developing and commercializing novel transformative biologic therapies, recently announced the completion of a USD 24 million Series B-2 financing round led by venture capital firm, GL Ventures. The recent funding has brought total the capital of Clover raised since 2016 to more than USD 140 million.
GL Ventures is an early stage partner of Hillhouse Capital, and the venture capital firm has been investing with innovators across the globe since 2005. The firm is focused on early-stage innovative companies in software services, healthcare, emerging consumer brands & services and consumer Internet.
Joshua Liang, Board Director & Chief Strategy Officer, Clover Biopharmaceuticals, stated that the company is elated to have completed this financing round with GL Ventures, as it will enable the team at Clover to continue its efforts in expanding internal R&D capabilities along with building a world-class team.
The GL Ventures team added that they are exhilarated to partner with Clover Pharmaceuticals. The team further added that GL Ventures is looking forward to supporting Clover team as they are focused on innovating therapies to address unmet medical needs across the globe.
For the record, Clover Biopharmaceuticals is the developer of an innovative drug development platform, Trimer-Tag©, that enables the creation of novel, covalently-trimerized fusion proteins.
Several disease targets are dependent on trimerization, such as the TNF (tumor necrosis factor), TNF superfamily (involved in immune co-stimulation, inflammation and extrinsic apoptosis), along with enveloped Ribonucleic acid (RNA) virus antigens that are responsible for entry into host cells.
The biotechnology company is utilizing its Trimer-Tag© technology with the aid of global IP position in order to produce novel recombinant trimerized fusion proteins that can effectively and efficiently target these previously undruggable pathways. Clover’s innovative drug development platform has significant implications for the treatment of some of the most prevalent diseases, globally.