Connect Biopharma Completes USD 115 Million Series C financing, CEC Capital Group serves as exclusive financial advisor for Greater China coverage

Suzhou Connect Biopharmaceuticals Co., Ltd. (“Connect Biopharma” or the “Company”), a clinical-stage biopharmaceutical company focused on identifying and developing potent and specific immune modulating molecules, today announced the completion of its USD 115 million Series C financing led by RA Capital Management. New investors Lilly Asia Ventures, Boxer Capital, and HBM Healthcare Investments also joined the round along with existing investor Qiming Venture Partners. The Company also announced that, in conjunction with the financing, Derek DiRocco, Ph.D., Principal at RA Capital Management, is joining Connect Biopharma’s Board of Directors.

The Company plans to use the proceeds of the Series C financing to support the ongoing Phase 2 clinical trial for CBP-201 in adult patients with moderate-to-severe atopic dermatitis (AD) and the ongoing Phase 2 trials of CBP-307 in patients with moderate-to-severe ulcerative colitis (UC). The Company also aims to expand the CBP-201 clinical development program into additional indications, and manufacture clinical material to support future Phase 3 trials of CBP-201 and CBP-307. The Company also expects to use a portion of the proceeds to advance additional preclinical programs into clinical development, including CBP-174, a small molecule in development for the treatment of pruritus.

Connect Biopharma has achieved several important milestones in the first half of 2020, reporting positive topline data from its Phase 1b study of CBP-201 in patients with moderate-to-severe AD, and is initiating a Phase 2 trial for this indication. The Company is also furthering its development of CBP-307, which has broad potential in multiple autoimmune diseases. The Company expects to further advance CBP-174, a small molecule intended for the treatment of pruritus, into Phase 1 clinical development during the fourth quarter of 2020.

About Connect Biopharma

Connect Biopharma is a US and China-based clinical-stage biopharmaceutical company focused on the discovery and development of novel immune modulators for the treatment of autoimmune diseases and inflammation, with the aim to improve the lives of patients in China and around the world by creating novel medicines with better efficacy and fewer side effects. The Company's proprietary Immune Modulation Technology Platform is a high-throughput screening platform built on the biology of T-cell function, rapidly identifying molecules that target clinically validated disease pathways more efficiently than traditional discovery approaches.

In addition to its lead drug candidates, CBP-201 and CBP-307, the Company is also advancing three preclinical programs, including two small molecule candidates (CBP-174 and CBP-312) and one antibody targeting IL-33 (CBP-233) as treatments for various serious inflammatory conditions. The Company holds all global rights to its proprietary pipeline and discovery technologies.

For additional information about Connect Biopharma, please visit www.connectbiopharm.com.

About CEC Capital Group

Founded in 2000, CEC Capital Group is one of China’s leading investment banks focusing on the three major industries of healthcare, consumer, and TMT. The company is headquartered in Beijing, with offices in Shanghai. Its US affiliate, China eCapital Partners, LLC, has offices in Los Angeles and San Francisco.

In the three years from 2017 to 2019, CEC Capital Group has participated in financing and M&A transactions valued at a total of more than RMB 100 billion. In addition to its investment banking business, CEC Capital Group has been managing an RMB fund and a USD fund since 2014.

CEC Capital Group has the healthcare industry’s largest dedicated investment banking coverage team in China, with comprehensive coverage of the entire ecosystem and a market-leading position in the industry. The firm has advised on the largest number of healthcare-related private capital financing transactions over the past three years among China-based investment banks.