12 June 2023 | Monday | News
Image Source : Public Domain
Eccogene Inc., a clinical-stage biotechnology company developing innovative therapeutic solutions for metabolic diseases, announced a CNY 180 million (about $25 million) Series B financing. The financing was co-led by New Alliance Capital and Zhangjiang Healthcare Venture Capital. The syndicate also included new investors Rockbleu Capital, YuFu Investment, Huajin Capital, Elikon Venture and existing investors Delos Capital, Oriza Seed Capital and Qingsong Capital. The proceeds from the financing will be used to support the development of Eccogene's clinical-stage programs including the Phase I trial of ECC5004, a small molecule GLP-1 receptor agonist for obesity and type 2 diabetes, and the Phase I trial of ECC4703, a THRb full agonist for NASH and lipid disorders, as well as to further advance Eccogene's preclinical programs for metabolic and immunological diseases.
Eccogene's clinical pipeline comprises:
"We are thrilled that the series B financing enables us to advance clinical trials of a potentially best-in-class small molecule GLP-1RA to treat obesity, diabetes, and related complications, and to further develop several highly differentiated assets for metabolic and immunological diseases," said Jingye Zhou, Chief Executive Officer of Eccogene. "This financing brings us a step closer to providing clinical benefits to hundreds of millions of patients affected by obesity, T2D and NASH globally."