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Crown Bioscience, Inc. Announces Closing of Series C Financing
Date:5/4/2011

SANTA CLARA, Calif., May 4, 2011 /PRNewswire/ -- Crown Bioscience, Inc., a leading company in innovative oncology R&D partnership and services, today announced the closing of a US$28.8 million Series C financing. The proceeds will be used for expanding services in integrated cancer drug discovery and translational oncology, as well as to fund new initiatives in other therapeutic areas.

The transaction was led by OrbiMed Advisors Caduceus Asia Partners Fund, Argonaut Private Equity, the CID Group, IBT, and CDIB Capital Investment. Existing shareholders Qiming Venture Partners and CRCI also participated.

"We are excited about our investment in CrownBio, as the company has built a strong leadership position in fully integrated cancer drug discovery service in China, a market we feel has tremendous growth potential," said Dr. Nancy T. Chang, Chairman and Senior Managing Director of OrbiMed's Caduceus Asia Partners Fund.  "The management team has an impressive track record in building a world-class scientific team, establishing cutting-edge technology platforms, and delivering strong results for their partners and investors. It is our pleasure to collaborate with leading investors such as Argonaut Private Equity, the CID Group, IBT and CDIB.  We look forward to working with the company to recognize its full potential."

"We are pleased to join a distinguished group of investors and support this promising company.   CrownBio has built a solid foundation and successful innovation platform for the development of drug design and outsourcing services.  We believe the company will be a leader of biotechnology development in China," said Steven Chang, managing partner and CEO of the CID Group.

"CrownBio is doing pioneering research to save lives in partnership with major pharmaceutical companies around the globe," said Anil Khatod, Managing Director of Argonaut Private Equity.  "We are pleased to partner in their grow
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SOURCE Crown Bioscience, Inc.
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