Abogen Biosciences Secures $300 Million in Series C+ Financing to Advance mRNA Vaccine Development

Suzhou, China, November 29, 2021 — Abogen Biosciences (hereinafter referred to as "Abogen") today announced the completion of a $300 million Series C+ financing round. This round was co-led by SoftBank Vision Fund and existing shareholder Morningside Ventures, with participation from Chimera Abu Dhabi, Shenzhen Oriental Fortune Capital Co., Ltd., Goldstone Capital, New Frontier Vitality Limited, Immersion Ventures, Mirae Asset Group, and DNE Capital. This marks another strategic financing round following Abogen's $720 million Series C financing in August this year.

This round of financing will support Abogen Biosciences in accelerating the clinical development and internationalization of its COVID-19 mRNA vaccine products. By integrating cross-disciplinary technologies such as artificial intelligence, the company aims to further enhance the R&D competitiveness of its mRNA platform, rapidly expand its clinical pipeline, increase production capacity, and comprehensively expedite its commercialization strategy.

Xu Juan, partner of SoftBank Vision Fund II, the lead investor in this round, stated: "mRNA technology is a significant innovation in the biotechnology field in recent years. The technology has been fully validated in COVID-19 vaccines. We believe that Abogen is not only a leading mRNA technology company in China but has also rapidly iterated in the development of COVID-19 vaccines, filling the gap in China's mRNA vaccine sector. We look forward to continuing our cooperation with Abogen, supporting its technological innovation and global expansion, and promoting the application of mRNA technology in more areas."

Jing Xutian, Managing Director of Morningside Ventures, the co-leading investor in this round, stated: "We are honored to have participated in leading Abogen's current round of financing. We are very optimistic about the prospects of mRNA in the pharmaceutical field, and it may even become the next 'killer' level application in the technology sector. However, to continuously develop mature and highly clinically valuable products, multiple supports from talent, technology, and capital are required. Abogen has already become a leading company in the industry in terms of talent aggregation, technological accumulation, and product pipeline. We believe that with the support of this new round of financing, combined with the investors' expertise in AI and computing, the company can further accelerate its technological iteration and become a world-leading platform-based mRNA therapeutics company as soon as possible."

Dr. Ying Bo, founder and CEO of Abogen, stated: "We are very grateful for the continuous support from well-known professional investment institutions and their high recognition of our team. As a young company, with the care and support from all parties, Abogen has achieved phased progress in the R&D of COVID-19 mRNA vaccines, pipeline layout in the fields of oncology and other infectious diseases, and the construction of industrialization bases, thanks to the team's strong cohesion and efficient execution. We look forward to attracting more outstanding talents to join us and collaborating with leading companies in different fields to further accelerate the digital and intelligent process of the company’s mRNA technology platform, thereby promoting the launch of more innovative mRNA drugs. Rooted in China, serving the world, Abogen is committed to becoming a leading enterprise with international competitiveness in the mRNA field and contributing to the innovative development of the biopharmaceutical industry."

Editor: Liuli

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