Shanghai biotech tackling kidney disease gets another round of cash

Four months after a secretive Shanghai biotech pulled in $60 million for a Series B round, it’s returning to the fore with a little more cash.

Alebund Pharmaceuticals closed a $54.5 million round it’s describing as “Series B+,” the company announced Monday evening, aiming to further advance its kidney disease programs. Funds will go toward two clinical assets as well as the construction of a manufacturing site, Alebund said in a release.