Shining Biopharma Secures Nearly RMB 100 Million Series A Financing Led by CICC Qide Fund, with Probe Capital as Exclusive Financial Advisor

In February 2022, Beijing StarMab BioMed Technology Ltd. (referred to as: StarMab BioMed) announced the completion of nearly RMB 100 million in Series A financing,This round of financing was led by CICC Qide Fund under CICC Capital, with Huajin Investment and Changan Private Capital as follow-up investors, and Probe Capital serving as the exclusive financial advisor.. This round of funding will be used for the CMC production and clinical applications in both China and the U.S. of two antibody drugs (SM3321, SM1542) independently developed by StarMab BioMed based on the VHH platform, and to further expand the professional team by recruiting more outstanding technical talents.

StarMab BioMed, established in 2019, has developed the world’s first VHH antibody discovery and engineering optimization platform, ensuring efficient selection and optimization of VHH antibodies to generate VHH antibody candidates with high affinity and bioactivity. The platform addresses challenges related to stability, immunogenicity, half-life, and manufacturability. Its unique nanomulti-antibody molecules exhibit high-affinity targeted binding and synergistic effects, adjustable half-life, mediation of ADCC and ADCP, simple structure, small molecular weight, high expression levels, high purification recovery rates, and excellent stability.

StarMab BioMed has developed a series of novel biologics with proprietary intellectual property based on its own technology platform. Among them, SM3321 is about to initiate clinical applications in both China and the United States. Preclinical data have shown excellent anti-tumor efficacy and safety: its unique binding site can strongly target tumor cells, activate immune cell functions, and reduce non-specific toxic reactions.

StarMab BioMed's technology in antibody production has also gained wide recognition within the industry. By using traditional CHO antibody production processes and conventional antibody purification methods, it can achieve industrial-scale production levels. Currently, StarMab BioMed has obtained authorization for Lonza's yeast expression production system, which can significantly increase yield and reduce costs.

Dr. Yanbin Liang, founder of StarMab BioMed, has nearly 30 years of experience in the biopharmaceutical industry, having worked at Eli Lilly and Allergan in the United States, advancing multiple drugs to clinical and commercialization stages, including Lumigan, which has been launched with sales reaching $700 million in 2017; he has obtained multiple patents for therapeutic monoclonal antibodies and humanized nanobody HCAb and published over 50 scientific papers. Other core members of the StarMab BioMed team all have overseas prestigious university backgrounds and more than twenty years of R&D, management, and strategic decision-making experience in top international pharmaceutical companies. Currently, StarMab BioMed has established research and development bases in both Beijing and California, USA.

Dr. Yanbin Liang, Founder of StarMab BioMedWe are very grateful for the recognition and strong support from both new and existing shareholders. StarMab BioMed will stay true to its original mission, continuously enriching and strengthening its core technology platforms, and persistently developing innovative biopharmaceuticals targeting difficult-to-treat cancers, neurological, ophthalmic, and other disease areas to meet currently unmet clinical needs, benefit patients, and contribute to the pharmaceutical industry.

The lead investor of this round of financingDr. Huang Xu, Executive General Manager of CICC CapitalWith the continuous breakthroughs in molecular biology technologies such as genetic engineering and antibody engineering, the development of multi-antibody drugs has become a new direction for antibody drugs. We have high expectations for StarMab BioMed's VHH multi-antibody new drug development platform. The founding team has extremely forward-looking vision and unique technical barriers in this niche field, demonstrating the potential for continuous development of blockbuster products. We hope to continuously support the company and the team’s product development process, helping the company become a leading enterprise in the next generation of biopharmaceutical innovation.

Joaquin InvestmentStated: The founding team of StarMab BioMed has over 20 years of experience working at well-known overseas pharmaceutical companies such as Eli Lilly and Allergan. They possess a deep understanding of tumor immunology and extensive industry experience in the biopharmaceutical field. Their high-affinity multi-specific antibodies, based on synergistic and complementary multi-target mechanisms, have already demonstrated promising differentiated advantages. Excellent preclinical data also shows very high drug development potential. As a long-term player in the biopharmaceutical track, Huajin Investment hopes to witness new breakthroughs in China's multi-specific antibody field together with StarMab BioMed.

Chang'an Private CapitalRepresentation: Multi-specific antibodies are one of the main directions of innovation in antibody drugs. Multi-antibodies present significant challenges in molecular design, screening optimization, and process preparation, making the R&D extremely difficult. The StarMab BioMed team has deep technical expertise in the development of small fragment antibodies. Their multi-antibody R&D platform, based on VHH antibodies, demonstrates notable differentiation and technological advantages, showing promising clinical and market potential. We firmly support such teams and technologies and are willing to accompany the company in developing breakthrough innovative therapies.

CICC Qide (Xiamen) Innovative Biomedical Equity Investment Fund ("CICC Qide Fund") is an equity investment fund under CICC Capital Operation Co., Ltd. ("CICC Capital") that focuses on innovative pharmaceuticals. It represents a significant breakthrough in CICC Capital's layout within the biopharmaceutical industry. With its excellent track record, brand reputation, and investment management capabilities, the CICC Qide Fund has gained recognition and support from multiple well-known mother funds, institutional investors, and listed companies. The first phase of the fund exceeded 4 billion yuan, concentrating on the healthcare sector and covering various segments such as innovative drugs, medical devices, and in vitro diagnostics.

Huajin Investment is the investment platform under Huafa Group, a China Enterprise 500 Strong company and a state-owned enterprise in Zhuhai. Huafa Group has total assets exceeding 570 billion yuan and is the largest comprehensive enterprise group in Zhuhai as well as a well-known enterprise in China. It has been consecutively selected for the “China Enterprise 500 Strong” list for six years since 2016, ranking 203rd in 2021. In recent years, Huafa Group has focused on key industries such as advanced manufacturing, healthcare, and next-generation information technology. Through multiple investment platforms under its umbrella, including Huajin Capital, Infiniti, and Zhuhai Sci-Tech Investment, it has invested in over 300 industry-leading enterprises and high-growth innovative companies. Among them, Huajin Capital has repeatedly been listed in the Zero2IPO “Top 50 Private Equity Investment Institutions in China.”

Chang'an Private Capital has a 24-year history in equity investment, with partners using their own capital for ultra-long-term technology investments. Positioned as a "loyal investor with shared interests," Chang'an focuses on investing in value-creating enterprises at the "from 0 to 1" stage that have the potential to become industry leaders. The company primarily covers sub-sectors such as innovative drugs and medical devices, chips, automotive and aviation-related technologies, and cybersecurity. Adhering to the principle of "few but refined" investments, Chang'an has invested in 80 companies, 17 of which have gone public. Among them, the offering price and P/E ratio of Walvax Biotech set a historical record on the ChiNext board; Chipscreen Biosciences became the first innovative drug stock on the STAR Market, also setting a historical P/E ratio record.

Probe Capital was founded in 2017 as a boutique investment bank specializing in healthcare and life sciences. Its business lines include financial advisory, direct investment, industry consulting, and innovation incubation. The founding team comes from top-tier private equity investment firms, financial advisory institutions, management consulting companies, and vertical medical media. Since its establishment, Probe Capital has completed double-digit private equity financings and M&A transactions annually, with a cumulative transaction value of nearly 10 billion RMB. In terms of value-added services for enterprises, the Probe Capital team also possesses mature industry experience. In 2020, Probe Capital's New Healthcare Fund was established and has since invested in more than ten leading companies in the industry.