Impact Therapeutics will invest the cash from the Lilly Asia Ventures-backed round to further develop its lead cancer treatment candidate.

China-based biopharmaceutical company Impact Therapeutics has closed a $30m series C round that included Lilly Asia Ventures (LAV), a corporate venturing representative of pharmaceutical firm Eli Lilly.

Venture capital firm Decheng Capital led the round, which followed a $10m series B round completed by the company in early 2016.

Impact is developing treatments for life-threatening diseases including cancer. It will use the funding to advance IMP4297, a drug that will combat cancer by inhibiting the PARP enzyme, which would…

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