BEIJING – Cross-border biotech Denovo Biopharma LLC, based in San Diego, the U.S. and Hangzhou, China, closed a series C funding round on June 29 to pocket ¥590 million (US$83.5 million). Part of the proceeds will go to phase III trials of DB-102 (enzastaurin), a small-molecule discarded by Eli Lilly and Co., in patients with diffuse large B-cell lymphoma (DLBCL) and glioblastoma. This financing round also means that Denovo is a step closer to launching an IPO.

Money raised through biopharma financings so far in 2020 is double the amount raised within the same timeframe of 2019, partly due to two large financings completed in May by Sanofi SA, which is working on candidates to treat or prevent COVID-19, the disease caused by the SARS-CoV-2 virus.

DUBLIN – Compass Pathways Ltd. raised $80 million in a series B round to continue its development of the psychedelic drug psilocybin in treatment-resistant depression.