IDG Capital led the investment, existing shareholders Sequoia Capital China Fund, Hongli Venture Capital, Lenovo Star and Jifeng Capital, as well as new investors Delian Capital, John Capital and Kite.
It is reported that biotech company “Gao Cheng Bio” announced the completion of the $67 million Series C financing. This round of financing was led by IDG Capital, existing shareholders Sequoia Capital China Fund, Hongli Venture Capital, Lenovo Star and Jifeng Capital, as well as new investors Delian Capital, John Capital and Kite (Gilet subsidiary) With the vote. Huaxing Capital acted as the exclusive financial advisor for this financing.
Gaocheng Bio is a multinational biopharmaceutical company that develops new drugs by mobilizing the body’s immune system to fight disease. The company has independently developed the drug discovery platform CelliGOTM and DISTM for the analysis of the immune system and the development of therapeutic antibody drugs. The company has laboratories in Boston, Paris and Shanghai, developing first-in-class and best-in-class innovative drugs around tumors and immune diseases, with nearly 10 innovative drug pipelines.
Gao Cheng Bio has completed several important milestones since the completion of the $37.5 million Series B financing in May 2018:
• Signed a protocol for multi-target antibody drug discovery with Takeda
• Conducted research collaboration with Kite (Giled subsidiary) to develop a single-cell technology platform that supports TCR-T innovative therapies for the treatment of solid tumors.
• Acquisition of French innovative pharmaceutical company H-Immune
• Established Victa Biotherapeutics, a joint venture to develop innovative drugs for the new MSDC pathway
• Published an article in the core journal Nature Genetics showing how to use single-cell high-throughput screening and sequencing technologies to discover innovative biomarkers to fight cancer
As for future development plans, Gaocheng Bio will use this round of funds to expand its single-cell platform layout and accelerate the development of new antibody drug pipelines for the treatment of cancer and autoimmune diseases.
Company President and CEO Dr. Zhong Wei said: “In the past year, we have made a lot of substantial progress and gradually become an important new force in the field of innovative biotherapy. The completion of the C round of financing is once again powerful It proves that we can attract top investors like IDG and the world’s leading biopharmaceutical strategic partners. With this round of financing, we will further enhance the existing single cell analysis platform and accelerate the development of innovative antibody drug pipelines.
IDG Capital Investor Hu Yuyue said: “IDG Capital continues to be in healthcare, communications, media, consumerDiscover and invest in disruptive technologies and businesses with great potential in the areas of fees and entertainment, advanced manufacturing and clean energy. We believe that with its powerful CelliGOTM and DISTM platforms, Gaocheng Bio will revolutionize the development of new immuno-oncology therapies and bring good news to patients around the world.
Dianlian Capital Chen Xinxin said: “The development of antibody drugs has entered the era of Hundred Flowers, and the company’s single-cell platform will greatly assist in antibody screening, scientific research transformation and clinical development. It has cooperated with internationally renowned pharmaceutical companies and has hundreds of millions of dollars. Cooperative contract. Dr. Liang Schweizer has deep scientific literacy and rich experience in the industry, and the company has excellent management and research and development team, working closely with the global research community, product line products around tumor/autoimmune diseases are rich and well Progress. We are excited to support such innovative drugs with platform-based technology.”