neoX Biotech Completes Series A+ Financing, Raising Nearly $100 Million to Advance Innovative Drug Pipeline

On July 8, 2021, VCBeat (WeChat ID: vcbeat) learned that neoX Biotech, a cutting-edge technology company driving new drug discovery through computational design, announced the completion of a Series A+ financing round worth tens of millions of US dollars,Led by Origin Capital and co-invested by LYFE Capital, with continued investment from existing investors Sequoia Capital, 5Y Capital, Cloud Nine Capital, and BAI Capital.The proceeds from this financing will be utilized to accelerate the development and expansion of the company's innovative drug pipeline, strengthen its talent team, and expand international commercial collaborations.

Notably, less than six months after its previous Series A financing round, neoX Biotech swiftly completed this Series A+ round, securing continued investment support from existing investors and bringing its cumulative funding to nearly $100 million.

Founded in 2018, neoX Biotech is China's first biotechnology company that integrates artificial intelligence (AI) with biophysics and high-throughput experimentation for the research and development of innovative drugs targeting biological macromolecules and multispecific molecules.Currently, the company operates R&D centers in both Beijing Zhongguancun Life Science Park and Shanghai Zhangjiang.

Through the deep characterization of protein-protein interactions (PPIs), neoX Biotech has pioneered a computational design-driven drug discovery and development model to address "undruggable" or difficult-to-drug targets. It is reported that neoX Biotech has successfully applied this rational drug design methodology to cutting-edge therapeutic modalities, including nanobodies, fusion proteins, bispecific antibodies, and protein degraders. The company has achieved breakthrough preclinical progress across multiple innovative drug pipelines, holding strong potential to develop "First-in-Class" or "Best-in-Class" therapeutic products.

Furthermore, neoX Biotech’s integrated "AI + Biophysics + High-Throughput Experimentation" cutting-edge drug discovery platform, neoPlatform, has already garnered significant industry recognition. In less than six months, it has not only secured honors such as first place in the LEO Pharma Innovation Challenge, but also signed multiple collaboration agreements with multinational pharmaceutical companies and Chinese listed innovative drug enterprises to jointly develop next-generation innovative therapeutics.

neoX Biotech has secured four rounds of financing to date, and regarding its continued unanimous recognition from both new and existing investors,Dr. Hang Chen, Co-founder and CEO of neoX Biotechstated: "We sincerely thank both new and existing shareholders for their high recognition and strong support of our vision for computation-driven innovative drug discovery and development,"neoX Biotech's value creation in AI-empowered drug R&D is grounded in the fundamental premise that biological systems and drug mechanisms are computable. We are increasingly recognizing the transformative power of in-depth research and characterization of protein-protein interactions, which has driven original innovation across multiple innovative drug pipelines., and has achieved encouraging milestone results, earning high recognition from our pharmaceutical industry partners. This financing will accelerate both our in-house and partnered pipelines, advancing our innovative therapeutics into clinical development as swiftly as possible to benefit patients.”

Regarding the investment in neoX Biotech, the lead investor of this roundMr. Zhijian Peng, Partner at NeoVista Capitalstated: “neoX Biotech employs a novel drug development paradigm to address traditionally undruggable targets in the biomacromolecule field. The challenges they tackle are of exceptional value. Dr. Chen Hang and Dr. Liu Fan have assembled an outstanding, diverse, and highly innovative team dedicated to studying protein interaction forces through computational methods and AI to empower novel drug development. We are delighted to see that the team has already achieved excellent preclinical progress across multiple product pipelines. Oriza Capital is committed to supporting great enterprises in creating long-term value for society, and we look forward to accompanying neoX Biotech as it grows into a next-generation, technology-driven biopharmaceutical company.”

Mr. Chen Gang, Managing Partner at LYFE Capitalalso acknowledged, stating: "AI has gradually demonstrated its role and value in the field of drug discovery and development. As a leading AI-driven drug R&D platform in China, neoX Biotech has been committed since its establishment to exploring the synergistic integration of computational methods and novel biologics design. It has progressively established a proprietary technology platform and competitive advantages, earning strong recognition from industry-leading enterprises. We are pleased to partner with the neoX Biotech team and look forward to continuously supporting its growth into an internationally recognized AI-driven novel biologics R&D platform."

Genesis Capital is committed to investing in the growth opportunities of China's economy.

Founded in 2015, Genesis Capital upholds a perpetual entrepreneurial model and spirit, firmly believing in the grand mission of enhancing consumer experiences and corporate efficiency through technology, while focusing on discovering and cultivating top-tier growth-stage entrepreneurs. The founding team of Genesis Capital has cumulatively invested nearly RMB 100 billion globally across more than 300 TMT and internet companies.

To date, Genesis Capital manages a total of four funds, comprising two USD funds and two RMB funds. Its investment portfolio has already yielded 14 unicorns, including industry-leading companies such as Xiaohongshu, Full Truck Alliance, ZKH Group, Taimei Technology, Zhangmen 1-on-1, and 4Paradigm. Furthermore, Genesis Capital served as a key driving force in facilitating two major M&A transactions: the merger of Momo and Tantan, and the consolidation of Huochebang and Yunmanman.

LYFE Capital is a specialized healthcare investment fund established in 2015, dedicated to investing in healthcare companies with exceptional management teams and compelling visions across the Chinese and U.S. markets. With offices in Shanghai, China, and Menlo Park, California, the firm’s investment focus spans innovative biopharmaceuticals, medical devices, and medical diagnostics, among other sectors. LYFE Capital works closely with its portfolio companies, providing not only financial backing but also facilitating business expansion, identifying overseas partners, actively supporting strategic development and team enhancement, and assisting with regulatory approvals and market access. To LYFE Capital, portfolio companies are not merely investment targets, but long-term strategic partners.