Tasly invests in PegBio's series E round

PegBio Co. Ltd. (Suzhou, China) raised $20 million from Tasly Pharmaceutical Co. Ltd. (Shanghai:600535) in a tranched series E round. CEO Michael Xu told BioCentury that Tasly is the round's lead investor, but declined to disclose its total amount. Existing investor Legend Star also invested in the round, which Xu said he hopes PegBio can complete by September.

The company's PB-119, a long acting glucagon-like peptide-1 (GLP-1) agonist, has completed Phase I studies and is under development to treat Type II diabetes. Xu said Phase II testing is expected to start "soon."...