Cascade (Shanghai) Pharmaceutical, Inc (“Cascade”) recently announced the completion of 140 million CNY in Series A funding.
Cascade was founded in 2017, it is a biopharmaceutical research and development company, characterized by targeting nuclear receptors and original innovative drug research and development. It focuses on major unmet medical fields such as metabolic diseases and inflammation, as well as early discovery, drug development, and subsequent commercialization of innovative drugs.
According to Cascade, the CS0159 is expected to provide safe and effective treatment options for NASH patients. NASH is a chronic metabolic liver disease that can evolve into cirrhosis or even liver cancer. Currently, there are no specific drugs designed to treat NASH in China or the United States. The safety and initial efficacy of CS0159 in NASH indications are worth looking forward to.
According to Southwest Securities, the global market size of NASH drugs in 2020 was USD 1.9 billion, and it is expected to show a rapid growth trend in the future. It is expected to reach USD 10.7 billion by 2025 and USD 32.2 billion by 2030, with compound annual growth rates of 41.8% and 24.6% respectively. The large population of patients and the blank in treatment drugs are the main reasons for the growth of the NASH drug market.
In addition to Cascade, several companies are competing in the NASH drug market, such as Ascletis Pha-B (歌礼制药)，Guangdong Zhongsheng (众生药业) and Furui Medical (福瑞股份) in China, AbbVie, Pfizer and CymaBay in the United States, Kowa in Japan, and Zydus Lifesciences in India.
Huaqiang Xu, founder of Cascade, stated: " CS0159 oral tablets have completed clinical phase I in China and the United States, and clinical phase II for multiple indications is also being vigorously promoted. We look forward to further accelerating the clinical research and development process of CS0159 with the joint support of new and old shareholders, and continuously delving into the field of metabolic diseases. We look forward to bringing more innovative therapies to patients with NASH, PBC, and PSC diseases as soon as possible.”
This round of financing for Cascade was invested by Puhua Capital (普华资本), CAS Investment (国科投资), Hyfinity Fund (汇鼎投资), Longpan Investment (龙磐投资) and NNFE Asset (新毅控股), BFC Group acted as the financial advisor. This round of financing funds will mainly be used to accelerate the phase II clinical trial of CS0159, as well as the IND application of existing pipelines and the promotion of phase I clinical trials, which are being carried out simultaneously in China and the United States.