2023 China Antibody Drug Investment and Financing Overview: Pipeline Highlights and Market Landscape

Apr 04, 2024 10:02 CST Updated 10:02

IASO Bio

Cancer Treatment New Drug Developer

In China, the biopharmaceutical industry has become a key focus for venture capital institutions, with increasing investment inflows from venture capital continuously driving the development of China's biopharmaceutical sector as an important force.

For biopharmaceutical enterprises, absorbing venture capital not only alleviates the financial difficulties they face but also leverages the experience of venture capital institutions to improve corporate governance structure, enhance operational efficiency, and promote business performance growth.

Antibody drugs are the largest and fastest-growing sub-sector in the modern biopharmaceuticals industry.Next, let's take a look at the investment and financing situation of antibody drug companies throughout 2023.

Investment and Financing Information of Antibody Drug Enterprises in 2023

January

1. Dashi Pharmaceutical(Guangdong) Co., Ltd.

Dashi Pharmaceutical(Guangdong) Co., Ltd. Completes Over 100 Million Yuan in Series B Financing，Dashi Pharmaceutical(Guangdong) Co., Ltd.'s current round of financing was led by the Zhongyin Yuecai Biomedical Fund under Guangdong Yuecai Holdings, with follow-up investments from private equity funds including Zhongshan Cuiheng Venture Capital Investment Fund managed by Beijing Fuhui Venture Capital, Qianhai Liyuan Investment Fund, Ningbo Jingxing Zhiyuan, and Ningbo Jingxing Zhijian. Existing shareholders Kaitai Capital and Zhongshan Xiangshang Investment continue to support. The raised funds will be used to advance Dashi Pharmaceutical's clinical research and development, pipeline expansion, talent team building, and other corporate operational needs.

Dashi Pharmaceutical (Guangdong) Co., Ltd. was founded in August 2017 and is an innovative antibody drug research and development enterprise focusing on the treatment of pain and tumor complications.

2.BlissBio

BlissBio Announces Completion of Over RMB 100 Million Series B+ FinancingThis round of financing was led by Yueyin Healthcare Fund, with existing shareholders Oriental Fortune and Sherpa Capital continuing to increase their investment.

This round of financing will be used for the clinical research advancement of the BB-1701, BB-1705, and BB-1709 projects, preclinical research and registration applications for other products in the pipeline, and preparation for the marketing application of innovative drug projects, among others. BB-1701 is a HER2 antibody-drug conjugate (ADC) currently advancing in a Phase II clinical cohort expansion study. The company’s second innovative drug, BB-1705, is an EGFR ADC that, like BB-1701, utilizes the same unique marketed toxin, Eribulin, and is undergoing Phase I clinical research. The company’s third innovative drug, BB-1709, is a First-in-Class ADC that has received FDA approval to proceed with clinical research in the United States, and its IND application to China's NMPA has been accepted.

BlissBio was established in December 2017 in Qiantang District, Hangzhou City, Zhejiang Province. It is a national high-tech enterprise with independent intellectual property rights, focusing on the research and development and industrialization of anti-tumor biologic innovative drugs. The company currently has three tumor-targeting innovative ADCs in clinical research stages, all of which have broad market prospects across various tumor indications.

3. IASO Bio

IASO BioAnnounced the completion of a nearly 500 million RMB C1 financing round.This round of financing was jointly participated by 11 investment institutions, including Guoxin Investment, Everfront Capital, Shanghai Waigaoqiao Group, Nanjing Jiangbei State-owned Assets, Houxin Health Investment, and Hongcheng Investment. The funds raised in this round will be mainly used for the research and clinical advancement of the company’s product pipeline, as well as the commercial operation of the core product, Icarus Injection.

IASO Bio is a clinical-stage company dedicated to the development of innovative cell therapies. IASO Bio currently has 10 pipeline products at various stages of development. The most advanced candidate product, Equecabtagene Autoleucel Injection, has had its New Drug Application (NDA) officially accepted by the National Medical Products Administration (NMPA) and granted priority review status for the treatment of relapsed/refractory multiple myeloma. This product was previously designated as a "Breakthrough Therapy" by the NMPA and received "Orphan Drug Designation (ODD)" from the FDA. In addition to multiple myeloma, an Investigational New Drug (IND) application for Equecabtagene Autoleucel Injection has been approved by the NMPA for a new extended indication—antibody-mediated neuromyelitis optica spectrum disorder. Furthermore, the company’s self-developed innovative candidate product, CT120 (a fully human CD19/CD22 dual-target CAR-T cell injection), has entered the clinical research stage for the treatment of CD19/CD22-positive relapsed/refractory B-cell non-Hodgkin lymphoma (B-NHL) and relapsed/refractory acute B lymphoblastic leukemia (B-ALL), and has also been granted orphan drug designation by the FDA.

February

1.Origincell

Origins Biotech (Shanghai) Co., Ltd. announced that following the completion of a US$125 million Series B financing round in July 2022,Recently completed a US$45 million Series B1 financing round, which will be mainly used to support the clinical development of its core products in international markets. This round of financing was jointly led by RTW Investments, a globally renowned industry investor, and QIA (Qatar Investment Authority), with continued investment from existing shareholders such as Qiming Venture Partners and C&D Emerging Investment.

Origin Biosciences was founded in 2015 and has invested in building a synergistic and innovative product development technology platform. Focusing on unmet clinical treatment needs for liver cancer, ovarian cancer, gastric cancer, cervical cancer, and non-small cell lung cancer globally, the long-term development strategy of Origin Biosciences is to develop innovative, clinically valuable cell therapies and bispecific antibodies.The U.S. Food and Drug Administration (FDA) has officially approved the Investigational New Drug (IND) application for OriCAR-017, developed by PrimeGene BioPharma, for the treatment of patients with relapsed/refractory multiple myeloma (R/R MM).

2.StarLink Peptide Bio

Tianjin Xinglian Peptide Biotechnology Co., Ltd. announced the completion of an angel round of financing worth 55 million RMB.This round of financing was led by Fosun Pharma's Fosun Health Capital New Drug Innovation Fund, with continued investment from seed-round founding shareholders, and participation from new shareholders such as Suzhou Taihao Venture Capital and Ningbo Xinhui. The funds will mainly be used for the development of two Peptide-Drug Conjugates (PDC) products, new drug clinical trial applications (IND), and the establishment of an early-stage research platform.

Starlink Peptide, established in 2022, mainly focuses on the development platform for protein-conjugated drugs. Currently, three products are in the preclinical development stage. Among them, the PDC product SC-101 targeting Nectin-4 is expected to submit an IND in the second half of the year and enter Phase 1 clinical research in 2024.

March

1. Jianxin Bio

Shanghai Jianxin Biopharmaceutical Technology Co., Ltd.BlissBio Completes Series B Financing: Led by Hongfeng Investment and Dongfang Huisheng, with Follow-up Investments from Zhongchuang Yongjian and Existing Shareholder Qiaojing Capital. This round of financing will accelerate the Phase I clinical research of two first-in-class bispecific antibody products, Bis2 and Bis5, developed independently by the company. It will also strengthen the technical barriers of the company’s pioneering products in the细分领域 of tumor treatment in the post-PD-1 era, while advancing the preclinical research of a first-in-class trispecific antibody product.

SuniBio was founded in October 2015, focusing on the field of tumor immunotherapy. It specializes in the research and development of bispecific/multi-specific antibody new drugs and the development of First-in-Class (FIC) products for patients who are non-responsive or resistant to PD-1 antibody treatments. Its core products, Bis5 and Bis2, have obtained clinical approvals in both China and the U.S., and are currently undergoing Phase I clinical trials; multiple first-in-class tri-specific antibodies are in the preclinical development stage, with two self-developed products licensed to listed companies for co-development.

2.Neovision Bio

Neovision Biotechnology (Suzhou) Co., Ltd. Completes Nearly 200 Million Yuan in Series A+ Financing.The investors in this round of financing include well-known medical and health professional funds such as Origin Capital, Yuan Yi Capital, GEM Co., Ltd., Tonggao Capital, ZHONGXIN Capital, and Lingjun Venture Capital. The existing shareholder, TF Capital, continued to increase its investment, and Heryue Capital served as the exclusive financial advisor for this round of financing.

Neoway Biotechnology (Suzhou) Co., Ltd. was founded in 2020 and is an innovative company focused on developing TCR-T immunocyte therapeutic drugs for solid tumors, as well as researching clinical technologies and their translation.Neovision Biotherapeutics, relying on years of professional expertise and technological innovation, has developed an ultra-high sensitivity target-TCR discovery and validation platform. This breakthrough addresses the bottleneck in the TCR-T industry's development and has led to the establishment of the world's largest database of target-TCR specificity pairings, significantly expanding the range of treatment targets and available options for patients with solid tumors.

3.BioVita

Shanghai Bioquant Biotechnology Co., Ltd. Completes Over 100 Million Yuan in Pre-A Round FinancingThis round of financing was led by Kairong Ventures, with follow-up investments from Hongke Baishi and Xianzhen Capital. The angel round investor, Shanghai Biomedical Fund, also added to their investment.This round of financing will be used to accelerate the development of a new target tumor immunotherapy product pipeline, especially for the preclinical and clinical research of the first product.

BioTroy, founded in 2019, is an innovative pharmaceutical company focused on target discovery based on integrated translational cancer research. The company has established multiple research platforms, including BioTroy Engine for multi-omics analysis of tumors, receptor-ligand discovery, target signaling pathway research, antibody discovery and engineering, in vivo efficacy and large-animal translational medicine, as well as biomarkers and precision medicine, to advance FIC drug development. The company's main pipeline targets tumors that are unresponsive to PD-1/PD-L1 inhibitors as the primary indication, and it has completed the major studies related to IND.

4. Amephi Bio

Nanjing Amephi Biopharmaceutical Technology Co., Ltd. Announces Completion of First Phase of B1 Round Financing. This round of financing was led by Zhongbo Julili, combined with debt financing, totaling nearly 200 million RMB. Multi-Dimensional Capital served as the financial advisor for this round of financing.This round of financing will be used to support the Phase II clinical trials of ImmunoFusion's first-tier products and the Phase I clinical trials of some of its second-tier products.

Amephi was founded in 2016 as a clinical-stage biopharmaceutical company dedicated to the development of first-in-class innovative drugs targeting globally leading targets. Amephi Biotech has over 20 new drug research and development pipelines, among which the globally innovative projects in the first echelon have obtained six FDA clinical study approvals in the United States and CDE clinical study approvals (IND) in China. Global multi-center clinical studies are being conducted in China, the United States, Australia, and other countries.

April

1.BioAstrum

BioRay Pharmaceuticals Announces,Following the completion of an over RMB 100 million Series B financing round in December 2022, Biosion secured an additional financing round worth tens of millions of RMB in April. The funds will be used to consolidate and enhance the development and advancement of Biosion's global innovative pipeline, while also providing financial support for the company's robust innovative antibody discovery platform. This additional financing round was participated in by Ruiying Asset, Hemeng Venture Capital, and Mr. Wang Huachun, founder of Cornerstone Investment.

BioRayFounded in 2017,Is a global innovative biotechnology company at the clinical stage, dedicated to applying its proprietary antibody technology platform to develop innovative therapies that benefit patients in the treatment of immune and tumor diseases. The self-developed product Bosakitug (BSI-045B/TQC2731, anti-TSLP monoclonal antibody) is currently conducting phase II clinical trials for severe asthma, chronic rhinosinusitis with nasal polyps, and atopic dermatitis in China and the United States. Additionally, six other self-developed collaborative products are about to initiate patient recruitment for phase I or II clinical trials in China and the U.S. Biosion has branches in China, the United States, and Australia.

May

1. Hengrui Yuanzheng

Hengrui Yuanzheng Completes Over 200 Million Yuan in Series C Financing, Zijin Harbor Capital continued to increase its investment as the main investor in this round. Other major investors in this round include Hengrui Pharmaceutical Group, Zhongke Venture, etc.

Hengrui Yuanzheng was founded in Shanghai in 2015 by Jiangsu Hengrui Pharmaceutical Group and Shenzhen Yuanzheng Cell Medical Technology Co., Ltd. It is an immunotherapy-focused cell treatment company, leading in China and aligned with international standards for solid tumors. The company has developed multiple product pipelines for solid tumor patients, including MASCT, TCR-T, and TCR bispecific antibodies. In 2020, the company completed both its Series A+ and Series B rounds of financing.

2.Biosion

Suzhou Boao Mingsai Biopharmaceutical Co., Ltd.BlissBio Completes RMB 200 Million Series B Financing。This round of investment was led by Keyuan Fund, with Fosun Pharma's New Drug Innovation Fund continuing to follow up.This round of financing will be mainly used for the clinical and preclinical research of key product lines of Bao Ao Ming Sai.

BioMab was founded in April 2020, focusing on the research and development of innovative biomacromolecular drugs. It has established multiple fully human rapid antibody discovery and optimization platforms, including fully human nanobody and bispecific antibody platforms, as well as the phage, yeast, and mammalian cell display platforms with the largest library capacity internationally.

BoAomics and StarBright Kunze jointly developed a neutralizing antibody product targeting the hepatitis B virus surface antigen (HBsAg), BM012 injection, which has been approved for clinical trials in China this year. It is intended to be developed for the treatment of chronic hepatitis B virus infection. Another inhalable fully human nanobody BM219 developed by the company has also been approved for clinical trials in China, with indications for the treatment and post-exposure prophylaxis of coronavirus infection.

3.Tongyi Pharmaceutical

BioRay Pharma Announces Completion of Nearly US$100 Million Series B+ Financing Round Led by Shengdi Investment, with Participation from Shanghai United Investment, Hefei Industrial Investment, Hefei Gaotou, and Suzhou Industrial Park Science and Technology Innovation Fund to Advance the World's First Dual-Ligand Conjugate Drug in Clinical Trials.

Tongyi Pharmaceuticals is committed to the research and development and industrialization of a pipeline of innovative drugs based on bispecific ligand-drug conjugates (Bi-XDC) and currently has three technology platforms. Bi-XDC technology has the potential to overcome existing druggability barriers of various molecules with good activity, opening new avenues for drug development. Currently, several pipelines of Tongyi Pharmaceuticals have been advanced to the global clinical trial stage. Among them, CBP-1008 targets folate receptor alpha (FRα) and TRPV6, and the clinical 1a/1b data of this product were selected for an oral presentation at the 2022 American Society of Clinical Oncology (ASCO); the phase 1 clinical trial of CBP-1018 is nearing completion, with positive dose-escalation data and demonstrated good safety; CBP-1019 has been approved for clinical trials in both China and the United States.

4.Shijian Biotech

Shanghai Shijian Biotechnology Co., Ltd. Announces Completion of RMB 100 Million Series A+ FinancingThis round of financing was led by Donghai Investment Control, with participation from Hetang Ventures and existing shareholder Zhang Ke He Run. Xingyuan Zhicheng served as the exclusive financial advisor for this transaction.

Shijian Biotech was founded in 2017. The company has established a next-generation ADC technology platform, utilizing highly effective and low-toxicity camptothecin payloads. Products developed based on this platform not only exhibit higher tumor-killing activity but also possess strong anti-drug resistance properties. They also demonstrate potent and sustained anti-tumor activity in low-abundance, high-heterogeneity target tumors and high-burden models, with excellent pharmacokinetic characteristics. Currently, Shijian Biotech has three pipeline products that have entered the clinical trial stage. Among them, ESG401 is a TROP-2-targeted ADC, which has now advanced to Phase 1b/2 clinical trials.

June

1. Laikang Pharmaceuticals

On June 29, 2023, Laikang Medicine was listed on the Main Board of the Hong Kong Stock Exchange.This IPO globally offered 63,728,000 shares, with an issue price of HK$12.41 per share, raising a total of approximately HK$791 million.

Proceeds from Laekang Pharmaceutical's IPO: Approximately 33.0% is expected to be used for the rapid advancement of clinical development and approval of one of its core products, LAE001; around 23.3% is expected to be allocated for the clinical development and approval of another core product, LAE002; approximately 20.8% is expected to expedite the R&D of other existing pipeline products; around 9.9% is projected to enhance production capacity and manufacturing capabilities; about 7.6% is anticipated to be utilized for business development activities and strengthening its global network. Approximately 5.4% is expected to be used for working capital and other general corporate purposes.

The company currently has 2 core products and 14 innovative candidate products: The core product LAE002 is an adenosine triphosphate (ATP) competitive AKT inhibitor, which is expected to be used for the treatment of ovarian cancer, prostate cancer, breast cancer, and PD-1/PD-L1 resistant solid tumors. Another core product, LAE001, is an androgen synthesis inhibitor that can simultaneously inhibit CYP17A1 and CYP11B2, and is expected to be used for the treatment of prostate cancer. For its core products, the company is actively promoting 1 registrational clinical trial and 5 clinical trials, 3 of which are international multicenter clinical trials (MRCT), aiming to address the medical needs brought by cancers with limited efficacy of standard of care (SOC).

2.Kangkang Bio

Kangkang Bio announces completion of over 100 million RMBPre-ARound FinancingThe investment institutions participating in this round include Daoyuan Capital (leading investment), Taikun Fund, Teda Technology Investment, and Ningbo Dingfu.

Shanghai Kangkang Biotechnology Co., Ltd. was established in 2021 as a biotechnology company focused on providing innovative drugs to meet unmet clinical medical needs. The company is committed to developing novel prodrug molecules of immunostimulants and multispecific antibodies to reduce drug toxicity and enhance therapeutic efficacy.

3.Vedajoy

Beijing Weideben Biotechnology Co., Ltd. Announces Completion of Series C FinancingLed by Beichen Investment, with participation from Hongcheng Investment, Liyuan Venture Capital, Huadian Investment, and Yiyuan Investment. Existing shareholders Hetang Venture Capital and Li Zaifu, among others, continued their support. This round of financing will be used for clinical trials of VDJ001 and other R&D products, large-scale production of antibody drugs, and the comprehensive development of innovative drug research, production, and sales in the autoimmune field.

Vdj Therapeutics, established in 2011, is a national high-tech enterprise specializing in the development of antibody evolution and screening technology platforms based on human B-cell display, as well as the research and production of innovative antibody drugs for autoimmune diseases. The company primarily focuses on developing novel antibody and fusion protein drugs for autoimmune diseases such as rheumatoid arthritis. Currently, the company’s leading product, VDJ001, is in Phase IIa clinical trials for iMCD; meanwhile, the Phase II head-to-head clinical trial of VDJ001 for rheumatoid arthritis against a positive control antibody drug has recently concluded. It is anticipated that this product will soon advance to Phase III clinical trials for rheumatoid arthritis.

4. BlissBio

BlissBio Announces Completion of B++ Round Financing Invested by Eisai Co., Ltd.The proceeds from this financing will be used to advance the multi-center clinical research, preclinical studies, and registration submissions for multiple products in the pipeline.

BlissBio was founded in 2017, focusing on the research and development and industrialization of innovative biologics for cancer treatment. Since its establishment, guided by unmet clinical needs and based on extensive experience in the full life cycle of innovative drug development in the pharmaceutical industry, the company has adopted a dual-driven model of independent research and external cooperation. It continuously expands and builds a differentiated pipeline of large-molecule biologic innovative drugs targeting various cancer indications, establishing and improving multiple product technology platforms as well as proprietary production capacity for antibodies and ADCs that meet international GMP standards.

5.InnoLake Pharmaceuticals

InnoLake Pharmaceuticals (Hangzhou) Co., Ltd. (hereinafter referred to as "InnoLake Pharmaceuticals") announced the completion of an over RMB 100 million Series A1 financing round., jointly invested by WuXi Biologics Industrial Fund, Heda Fund, and Zhongbo Julifund.After the completion of this A1 round of financing, Innolake Pharmaceuticals will focus on advancing its pipeline with globally first-in-class (FIC) or best-in-class (BIC) core product projects that possess outstanding competitive advantages. It will also continue to innovate in areas such as addressing non-response or resistance to anti-PD-1/PD-L1 immunotherapy, preventing tumor recurrence and metastasis with significant efficacy, and developing its self-created ADC pipeline.

InnoLake Pharmaceuticals, established in 2020, is a clinical-stage biotechnology company focused on the field of oncology and autoimmune diseases. Driven by independent and differentiated innovation, the company has built a self-developed system for small and large molecule drugs as well as ADCs (antibody-drug conjugates). Two of its products have entered the clinical trial stage, including an A2aR inhibitor project for the treatment of advanced solid tumors, which has demonstrated excellent safety and shown positive signals of clinical efficacy.

July

1.MedIcar Biology

ImmunoBio Group Announces Completion of First Round of $12 Million Series A Financing, with the total amount of this round of financing expected to reach 27 million US dollars. This round of financing is led by the AEF GBA Venture Fund managed by Gobi Greater Bay Area ("Gobi GBA"), and will be used to accelerate the research and development of nucleic acid vaccines and antibody drugs, as well as prepare for listing in Hong Kong.

ImmuOnco Biopharma, founded in 2015, owns two innovative patented technology platforms: a PD-1-enhanced DNA vaccine platform and an anti-Δ42PD1 antibody drug platform. The company focuses on the research and development of immunotherapeutic drugs for cancer, inflammation-related diseases, and emerging infectious diseases.

2.FortuneV Pharma

Shenzhen Forward Pharma Co., Ltd. Announces Completion of RMB Tens of Millions in Series A+ Financing.This round of financing was jointly invested by Shenzhen Nanshan Strategic Emerging Industry Investment Co., Ltd. (Nanshan Zhanxin Investment), Zhongke Jinqi Hang Medicine Fund, Lihex Light Sci-Tech Innovation Fund under Lihex Innovation, and Gongqingcheng Yun Kun Fund under Yun Hui Capital. Yuanxing Capital served as the financial advisor for this round of financing. The funds will mainly be used for two products that have entered clinical stages in both China and the U.S.: Phase Ib/II clinical trials of FWD1509, a new-generation EGFR/HER2 dual-target non-small cell lung cancer targeted drug, and the clinical development of FWD1802 (Oral SERD), a third-generation oral selective estrogen receptor degrader, for breast cancer.

Foward Pharma is a research-driven biotechnology company, an innovative pharmaceutical enterprise covering the entire R&D process, including target validation, drug discovery, early-stage R&D, translational medicine research, preclinical studies, and clinical development, committed to providing new drugs for patients worldwide.

Tumor is the company's specialtyFocusing on key disease areas, our goal is to develop a new generation of precision therapeutic drugs. Since its establishment, relying on our self-developed drug discovery platform, we have built a product portfolio including more than 10 Class 1 innovative drugs in China. Currently, with the support of seed round and Series A financing, we already have two projects entering the clinical stage, targeting non-small cell lung cancer and breast cancer, which affect large patient populations.

3.Xinkanghe

Xinkanghe Biopharmaceutical Completes Over 100 Million Yuan in B+ Round FinancingLed by Suzhou GaoTeJia Xinyin Huixin Fund, with investments from Beijing Life Science Park Ventures, Guangzhou Xintai, Yangzhou Fengsheng and other well-known financial institutions, and continued funding from existing shareholders such as Hotang Innovation, Northern Light Venture Capital, and ChenDe Capital. The funds raised from this round of financing will be mainly used to advance clinical trials and the production of related samples, and to continuously promote non-clinical pharmaceutical research and other early-stage R&D projects.

Xinkanghe Biopharmaceuticals, established in 2015, is a company based on cutting-edge scientific research from around the world. With a focus on precision innovation, it is dedicated to the development of drugs targeting novel pathways or innovative combinations for cancer and autoimmune inflammatory diseases, leading the research and development of innovative immunotherapy antibody drugs.

4. Kelun Botai

Sichuan Kelun Biotech Co., Ltd. officially listed on the Main Board of the Hong Kong Stock Exchange,IPO raised HK$1.36 billion.

Sichuan Kelun Biotech Biopharmaceutical Co., Ltd. is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative drugs. Since its establishment in 2016, it has been committed to addressing medical needs in China and around the world. As one of the pioneers and leading developers of Antibody-Drug Conjugates (ADCs), Kelun Biotech has accumulated over a decade of experience in ADC development and is one of the first biopharmaceutical companies in China, as well as globally, to establish an integrated ADC R&D platform, OptiDC.

5.Haisi Bio

Zhejiang Haishi Biomedical Technology Co., Ltd. Completes First Round of Over Ten Million Financing.This angel round was exclusively invested by Zijin Harbor Capital. The funds will be mainly used for candidate drug screening and structural optimization, preclinical validation, the differentiated nanobody technology platform and team building, market channel expansion, and company operations.

Haise Biotech is a company dedicated to the research and development of innovative biopharmaceuticals for the diagnosis and treatment using nanobodies in frontier areas such as oncology, immune diseases, infectious diseases, and molecular imaging, based on unmet clinical needs. The company boasts a top-tier founding team in nanobodies and an internationally leading nanobody screening library, with extensive testing data across all aspects of antibody screening, characterization, and structural optimization. It has accumulated fifteen years of expertise in the humanization of nanobodies and the selection of pipeline indications.

6. Affinity Biosciences / Yafei Biosciences

Shanghai Qiheli Biopharmaceutical Technology Co., Ltd., its parent company Afei (Shanghai) Biopharmaceutical Technology Co., Ltd., recently announced the completion of a B1 round of financing, with this round raising hundreds of millions of RMB.The Series B1 financing was led by Hongfu Assets, with co-investment from Xingye Guoxin, Huige Capital, and Haiwang Capital. The proceeds of this round will be used to advance the clinical research progress of several globally innovative drugs with tumor microenvironment-specific activation functions within the company, and to accelerate the research and development of the company's technology platform and early pipeline, addressing a significant amount of unmet clinical needs in the field of cancer treatment.

Shanghai Qinhe Biopharmaceutical Technology Co., Ltd. is a clinical-stage biopharmaceutical company focused on the development of globally innovative anti-cancer drugs. It has independently developed a Tumor MicroEnvironment Activated (TMEA) platform technology (including the TMEA-SMDC platform, TMEAbody® platform, TMEAkine® platform, TMEA-ICE® platform, ADC platform, and TMEA-XDC platform), which delivers and releases drugs by sensing the state of the tumor microenvironment, addressing On-target/Off-tumor toxicity and enhancing drug efficacy.

August

1. HANCOMAB

Hankemabio Secures Tens of Millions of Yuan in A+ Round Financing in Q3 2023.This round of financing was jointly participated by Guoyuan Equity Investment, Guoyuan Innovation Investment, iFlytek Ventures, and Shenzhen Shengzhong Investment. According to reports, the funds obtained from this round will be used for preclinical and clinical research of the company's various R&D pipelines, in order to accelerate the development and commercialization of tumor immunotherapy drugs.

Hankemab Biotechnology was officially established in 2013 in Hefei National High-Tech Industrial Development Zone as a holding subsidiary of Anhui Anke Biotechnology (Group) Co., Ltd. The company has built three major platforms: the AI-Computer Aided Design Platform, the ISETbody Bispecific Antibody Construction Platform, and the SCAPE Drug Screening Platform. Its main business focuses on the research and development of novel gene-engineered antibody drugs, with an emphasis on immunologically unresponsive and drug-resistant tumor diseases that pose severe threats to human life and health. The R&D pipeline includes tumor-specific antibodies, immunotherapy antibodies, and bispecific antibody drugs.

September

1. Yiming Angke Bio

Immunotech IPO Global Offering of 17,147,200 H Shares, Raising Approximately HKD 319 Million.

Immunotech Biopharm (Shanghai) Co., Ltd. was established in 2015 as a research-oriented biotechnology company dedicated to developing cancer immunotherapies. Immunotech is also one of the few biotechnology companies globally capable of systematically harnessing both innate and adaptive immunity. Currently approved immunotherapies primarily focus on the adaptive immune system and often face limited clinical benefits due to low response rates in many cancer indications, as well as inevitable drug resistance and/or recurrence. By leveraging both innate and adaptive immune systems, Immunotech can overcome the limitations of current T-cell-based immunotherapies and address the significant unmet medical needs of cancer patients.

2.Youzhiyou Bio

Wuhan YZY Biopharma Co., Ltd. goes public on the Hong Kong Stock Exchange at an issue price of HKD 16 per share, with a total market value of HKD 3.088 billion calculated based on the issue price.The total amount of the initial public offering was 176 million Hong Kong dollars.

Wuhan YZY Biopharma Co., Ltd. is a biotechnology company dedicated to developing bispecific antibody (BsAb)-based therapies for treating cancer-related complications, cancer, and age-related ophthalmic diseases, addressing medical needs in the fields of oncology and geriatric ophthalmology.Since its establishment in 2010, YZY Biopharma has adhered to independent innovation, focusing on and deeply cultivating in the field of bispecific antibodies. The company has developed four innovative platforms, including the self-developed YBODY® platform, Check-BODY platform, Nano-YBODYTM platform, and the UVAX® platform co-developed with the Wuhan Institute of Virology. The company has designed and developed a pipeline of seven clinical-stage drug candidates.

October

1.Tianchen Bio

Tianchen Biotech Announces Completion of Over 100 Million Yuan in Series B1 Financing.This round of financing was jointly participated by Huzhou Youcheng, Fuhai Jiaozhi Venture Capital, Shan Zheng Innovation, Changshu Wuyue Angel Venture Capital, and Hefei Hongta. It is reported that the funds from this round will mainly be used for the clinical advancement and industrialization preparation of the company's innovative drug projects, supporting the internationalization process of the projects.

Tianchen Biotech, established in 2020, is a biotechnology company dedicated to the development of innovative macromolecular drugs in the fields of allergy and complement.The most advanced project in the company's pipeline is the next-generation anti-IgE antibody LP-003, which is currently in Phase 2 clinical trials, with Phase 3 trials expected to commence early next year. LP-005 is the first bispecific complement antibody developed by Tianchen Biotech, capable of simultaneously inhibiting complement C5 and C3. Unlike several complement drugs under development globally, LP-005 can target two key points of the complement system simultaneously, offering the potential for better therapeutic effects than single-target blockade in certain diseases. Since LP-005 blocks more than one pathway of the complement system, it also has the potential to be expanded to additional indications. The drug was approved for clinical trials in China this June and is being developed for the treatment of adult paroxysmal nocturnal hemoglobinuria (PNH).

December

1.Lokon Biotech

Shanghai Luoqi Biomedical Technology Co., Ltd. Successfully Completes Over 100 Million RMB in Series B FinancingThis round of financing was led by Shanghai Shengdi Private Equity Fund Management Co., Ltd., with existing shareholder Chengdu BioCity Fund (Guosheng Capital) increasing its investment. Oriental Gaosheng and Bocom International served as the financial advisors for this round. The funds will be used for Phase II clinical research of two inhaled antibody drugs (LQ036, LQ043) independently developed by the company based on the "Inhaled Large Molecule Drug Development Platform," and to further expand the team and replenish the company's working capital.

Lokqi Biotech, established in 2017, focuses on the research and development of inhalable nanobody drugs. The company has now built a complete R&D, CMC, and pilot production system, and created five innovative technology platforms. It is the first to explore fast-acting, highly specific inhalable nanobody research and is currently the only enterprise in China with full-process development capabilities for inhalable nanobody drugs. Relying on its proprietary technology platforms, Lokqi Biotech has developed a series of novel biologics with independent intellectual property rights. Among them, its core pipeline product, LQ036, the world’s first inhalable nanobody drug for asthma treatment, has completed Phase I clinical trials in both China and Australia and has entered Phase II clinical trials, demonstrating excellent drug safety and corresponding biomarker efficacy in Phase I. The LQ043 project has completed Phase Ia clinical research, also showing excellent safety and drug tolerance, with Phase Ib/II clinical trials about to commence.

2.Fu Kang Pharmaceutical

Fukang PharmaceuticalCompletedSeries C Round of Over 100 Million Yuan in FinancingThis round of financing was participated by Xicheng Zhiyuan Private Equity Fund Management (Beijing) Co., Ltd., existing shareholders, and other investment institutions as well as well-known publicly listed companies. The funds will mainly be used for the commercialization layout of a key product that is about to be approved, accelerating the global development process of multiple innovative drug pipelines, and continuously improving the company’s R6D+AI new drug discovery platform (Right 6D combined with AI technology).

Convalife Pharmaceuticals is a clinical-stage new drug research and development company based in China with a global outlook, committed to developing innovative drugs in the fields of oncology, virology, and age-related diseases. Guided by unmet clinical medication needs in China and globally, the company designs and develops original drugs with "First-in-Class" or "Best-in-Class" potential, focusing on next-generation bispecific antibody biologics and differentiated small-molecule drugs to provide innovative treatment solutions for patients. Convalife's oncology pipeline covers solid and hematological tumors that urgently need innovative treatments both domestically and internationally, including breast cancer, lung cancer, cholangiocarcinoma, prostate cancer, pancreatic cancer, and gastric cancer. Key assets include CVL218, a second-generation PARP inhibitor showing "Best-in-Class" potential, CVL237, the world’s only highly selective PI3K β/δ dual inhibitor, and "First-in-Class" innovative bispecific antibodies targeting solid tumors.

3.Bayhelix Bio

Beihai Biotechnology (Zhuhai) Co., Ltd. (hereinafter referred to as Beihai Biotech) announced the completion of its Series C1 financing. This round of financing was jointly invested by Hengguan Investment and Zhongying Investment. The proceeds will be mainly used to advance the commercialization process of BH009 and the development of clinical trials for several core products.

Beihai Bio is an innovative biopharmaceutical company dedicated to developing novel oncology drugs that address unmet clinical needs centered around patients. The company owns two first-in-class new drug technology platforms globally, demonstrating continuous innovation capabilities. It has strategically advanced over 10 differentiated R&D pipelines for innovative drugs and obtained more than 30 authorized invention patents in China, the United States, and the European Union.

Conclusion

Antibody drug development in China is currently a popular field, with the market size experiencing rapid growth. Investment and financing activities within the country are gradually thriving. The antibody drug sector is highly active, showing broad prospects, and current investment opportunities are gaining attention. However, it remains to be seen who will ultimately dominate the field, which requires continued observation.

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