– Proceeds to support the development of Eccogene’s clinical-stage metabolic pipeline including ECC5004, a small molecule GLP-1 receptor agonist for obesity and type 2 diabetes, and ECC4703, a THRβ full agonist for NASH and lipid disorders
Boston/Shanghai/June 12nd, 2023 — Eccogene, Inc., a clinical-stage biotechnology company developing innovative therapeutic solutions for metabolic diseases, today 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 THRbfull 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:
/// ECC5004, a once daily, low dose, small molecule GLP-1 receptor agonist (GLP-1RA) is currently in a US Phase I clinical trial in healthy participants and patients with type 2 diabetes (T2D); ECC5004 has been demonstrated in preclinical studies to possess desirable efficacy and a safety profile with the potential to be the best-in-class GLP-1RA
/// ECC4703, a THRβ full agonist, which is currently in a
US Phase I trial in healthy participants and subjects with elevated LDL; ECC4703 has demonstrated superiority over partial agonist MGL-3196 in pre-clinical studies. It has also shown robust efficacy in pre-clinical models of NASH and dyslipidemia
/// ECC0509, a peripherally distributed SSAO/VAP-1 inhibitor, which is near completion of a Phase I clinical trial
“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.”
Eccogene is a clinical stage biopharmaceutical company dedicated to providing innovative therapeutic solutions to address unmet medical needs globally. The company focuses on the discovery and development of translational medicine for metabolic and immune-related diseases.
About Co-Lead Investor
New Alliance CapitalWas established in 2008 and is a fund management company specializing in private equity and venture capital. The main investment directions of New AllianceCapital include TMT and healthcare, covering various stages such as early stage, growth stage, and maturity stage. So far, more than 160 investments have been completed, including nearly 40 IPOs/listed enterprises both domestically and internationally, cultivating a group of industry leaders.
Zhangjiang Healthcare Venture CapitalIs the 1st phase of the Pudong Biomedical Sub Fund, which brings in social capital and specialized forces, with a scale of 1 billion CNY. It focuses on high-quality enterprises with growth potential in life and health related industries such as innovative drugs, medical devices, and medical services, and is managed by Zhangjiang Science and Technology Investment, a wholly-owned subsidiary of Zhangjiang Group.