Clinical-stage biotechnology company Accro Bioscience Inc announced on Monday the closing of its USD50m Series C financing.

The round was led by OrbiMed, with participation from TCG Crossover, LAV, Cenova Capital, and existing investors Shenzhen Capital Group, and Oriza Holdings.

Accro Bioscience plans to use the proceeds from the financing to fund the Phase IIb clinical trial of AC-101, an RIPK2 inhibitor, for the treatment of Ulcerative Colitis (UC), and other novel therapeutic candidates for inflammatory and autoimmune diseases.