Affinity Biopharma announced the completion of its Series B3 financing round, raising nearly 300 million CNY to boost drug development

Affinity Biopharma recently announced the completion of its Series B3 financing round, raising nearly 300 million Chinese Yuan (CNY). This round was led by Bio-Town Capital, with joint participation from Orchid Asia, Hongfu Investment, and Joint Virtue Captial. 

This funding round would boost the clinical development of the company's globally innovative drugs, and accelerate the advancement of the company's technology platform and tumor microenvironment-activated therapies, aiming to address the substantial and urgent clinical needs in the field of tumor treatment.

About Affinity Biopharma

Affinity Biopharma, as an advanced enterprise dedicated to the research, development, production, commercialization, and partnership of global first-in-class or best-in-class innovative anti-cancer drugs, has established the world's first and unique Tumor MicroEnvironment Activated (TMEA) multispecific intelligent conjugate platform. This integrated R&D innovation system encompasses TMEA-activated multispecific conjugate drugs (TMEA-XDC), including ALDC, SMDC, and ADC, as well as TMEA-activated macromolecular immuno-oncology therapeutics (TMEA-IO), including antibodies, bispecific T-cell engagers (TCEs), and cytokines. The company has developed a robust pipeline of over 20 innovative drug candidates targeting major diseases such as cancer.

The blinding has been lifted for the pivotal, double-blind, head-to-head registration clinical trial of Legubicin, an independently developed TMEA-activated small molecule drug conjugate (SMDC) by Affinity Biopharma, comparing it to Doxorubicin as first-line treatment for soft tissue sarcoma (STS). The trial group demonstrated a significantly improved therapeutic window, excellent safety profile, essentially addressing the cardiotoxicity associated with anthracyclines, and markedly prolonged progression-free survival (PFS). Clinical studies of Legubicin are ongoing or being initiated simultaneously across multiple cancer types.

Affinity Biopharma is actively pursuing collaborations and partnerships. It has currently out-licensed the China rights for two highly promising drug candidates, which are expected to generate substantial returns. Additionally, the company is developing several collaborative innovative drugs through technology platform licensing. Leveraging its proprietary technology, Affinity Biopharma aims to develop world-leading, first-in-class, and best-in-class drugs and combination therapies, aspiring to become a leading pharmaceutical company in this field and ultimately benefit cancer patients worldwide.

Cheng Liu, M.D., Ph.D., Founder, CEO & Co-CMO of Affinity Biopharma:

"This financing round further demonstrates investors' strong recognition and optimism for our tumor microenvironment-specific activated intelligent drug platform and existing product pipeline. We focus on modifying molecules with potentially effective target mechanisms but high toxicity to enhance efficacy and reduce toxicity, aiming to address the significant unmet clinical needs in the current field of tumor treatment. This approach opens up new possibilities for expanding the clinical applications of traditional drugs, developing new molecular drugs, and exploring innovative combination therapies. It is worth mentioning that the pan-cancer-specific protease targets highly expressed in tumor tissues that we utilize exhibit strong broad-spectrum applicability and can be applied to drug development for a variety of solid tumors. We look forward to revolutionizing cancer treatment outcomes through our technology platform over the next 5 to 10 years, transforming malignant tumors into chronic and controllable diseases that allow for long-term patient survival."

Bio-Town Capital Team:

"Bio-Town Capital remains dedicated to investments in the biopharmaceutical sector. Through this follow-on investment in Affinity Biopharma, we are further bolstering the subsequent commercialization of drugs like Legubicin. The Affinity team has built an innovative pipeline addressing multiple oncology indications. Their core product, Legubicin, has demonstrated significant advantages in pivotal clinical trials, providing strong validation for the company's unique Tumor MicroEnvironment Activated (TMEA) technology platform. We have high expectations that Affinity's drug candidates will generate substantial clinical and market value as they progress toward commercialization. Bio-Town Capital will continue to leverage and integrate ecosystem resources from the Chengdu Tianfu International Bio-Town to fully support the company's R&D innovation and commercialization efforts. This includes actively facilitating the establishment of an industrial base within the Bio-Town. We are committed to supporting Affinity Biopharma's growth into a globally competitive innovative pharmaceutical company."

Orchid Asia Team:

"Orchid Asia, founded in 1993, is one of the pioneering firms in China's private equity industry and has established a deep presence in the healthcare sector. The firm has previously invested in companies such as Lifetech Scientific (8122.HK), Federal Pharma (3933.HK), CStone Pharmaceuticals (2626.HK), Lytix Biopharma (9887.HK), and Chunli Orthopedics (1858.HK).

"Affinity Biopharma has successfully developed a highly specific, tumor microenvironment-activated intelligent conjugate platform, building upon the founding team's groundbreaking research on the mechanism of legumain in humans. The platform's viability has already been validated by the outstanding Phase III clinical data of the company's lead product, Legubicin. This platform holds the potential to significantly enhance the efficacy and safety of anti-tumor drugs, representing a qualitative leap forward in the global fight against cancer. We are honored to support, as a shareholder, the continuous evolution, upgrading, and broader application of the company's technology platform, with the aim of benefiting cancer patients worldwide at the earliest opportunity."

Hongfu Investment Team:

"Hongfu Investment focuses on cutting-edge technological innovation, primarily investing in science and technology enterprises that align with China's national strategies, aim for breakthroughs in key technologies, and enhance the nation's core competitiveness. In the field of cancer treatment, the clinical application of many proven effective therapeutics is significantly limited by severe toxicity issues—a key clinical challenge that Affinity Biopharma's technology platform is dedicated to solving. Currently, the pivotal registration trial for Affinity's product, Legubicin, has been completed, with the data demonstrating significantly superior efficacy and safety compared to the current first-line standard of care. Hongfu Investment holds a highly optimistic outlook on the application potential of Affinity's technology platform. We eagerly anticipate the early market entry of the company's 'Toxicity-Free Chemotherapy' products and 'Super Antibodies,' believing they will bring substantial benefits to a vast number of patients."

Joint Virtue Captial Team:

"Innovative drugs have always been a key investment focus for our team. Affinity Biopharma's Tumor MicroEnvironment Activated (TMEA) drug platform is a world-leading, China-originated drug R&D platform. It has demonstrated significant effects in improving the therapeutic window and clinical efficacy of drugs, indicating substantial future potential. As an existing shareholder, Joint Virtue Capital is making a follow-on investment in this round, expressing strong confidence in Affinity Biopharma's prospects of becoming a world-class innovative drug research and development company."