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Lead Therapeutics raises $17M for China-based work in cancer and immunology — San Bruno, Calif.-based Lead Therapeutics, a drug-development startup that plans to do most of its research and development in China, raised $17 million in a first funding round. Investors included Pappas Ventures, ProQuest Investments and Mustang Ventures.
We’ve previously noted a few biotech startups with strong connections to China, although for the most part these have tended to be companies founded by Chinese expatriates who raise much of their funding from Asian sources. (See, for instance, our coverage of AutekBio here and of MicuRx here.) Lead Therapeutics, by contrast, raised much of its money from traditional U.S. venture firms and will be run by a GlaxoSmithKline veteran, Peter Myers, although unsurprisingly enough, several of the company’s other executives appear to have ties to Asia. (See a list here.)
Lead Therapeutics says it has “several” drug-discovery programs going in infectious disease and cancer, but hasn’t disclosed any details to the best of my knowledge.
OTHER HEADLINES OF NOTE:
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Former Intel chairman Andrew Grove is assailing the U.S. medical establishment again, this time with a jeremiad in which he blames the drug industry for not moving at the speed of Moore’s law. Of course, there’s plenty in the drug industry to criticize, but over at VentureBeat Life Sciences, we look at why Grove’s specific analysis is way off base, and how he also seems to overlook a major but little-noticed problem in the system — one that he’s in an excellent position to do something about. Check it out here.
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