Phanes Therapeutics Secures $40 Million Series B Financing Led by Sequoia China to Advance Oncology and Ophthalmology Antibody Pipeline

Investment Circle (ID: pedaily2012) reported on May 6 that Phanes Therapeutics, Inc. (“Phanes”) announced the completion of a $40 million Series B financing round. The round was led by HongShan China Fund, with participation from Deyi Capital, Volcanics Venture, Delos Capital, and Shanghai Wenzhou Capital Co., Ltd. Existing shareholders Tibet Xianfeng Qiyun Investment Advisory Co., Ltd. and angel investors also increased their investments. The proceeds will be used to fully accelerate the clinical translation of multiple anti-tumor monoclonal antibody and bispecific antibody products in Phanes’ R&D pipeline.

Phanes is a biotechnology company founded in 2016 by Dr. Wang Minghan, former Vice President of Johnson & Johnson. Headquartered in San Diego (USA), Zhangjiang (Shanghai, China), and Songshan Lake (Guangdong, China), Phanes focuses on the research and development of novel antibody-based therapeutics for oncology and ophthalmology, with an emphasis on large-molecule protein drugs. To address unmet clinical needs worldwide, Phanes’ core R&D team has leveraged in-depth insights into biological mechanisms and disease-related targets, along with its state-of-the-art antibody discovery and process development platforms, to successfully develop a pipeline of innovative drug candidates, several of which are currently preparing for Investigational New Drug (IND) applications. To date, Phanes has filed 17 patents and established two globally leading bispecific antibody technology platforms.

Dr. Wang Minghan, Founder, Chairman, and CEO of Phanes, stated: “Phanes is committed to becoming a biotechnology company grounded in original innovation. Over the past two years, the company has strategically focused on the frontier field of bispecific antibodies. To address numerous technical bottlenecks in this area, we have established the PACbody™ platform, featuring natural IgG-like bispecific antibodies, and the ATACCbody™ platform, enabling tunable activity bispecific antibodies. These platforms allow us to continuously develop First-in-class bispecific antibody products with differentiated features and international competitiveness. Multiple monoclonal and bispecific antibody candidates from our pipeline are poised to enter clinical development. Furthermore, several of our projects have demonstrated significant commercial potential during early preclinical studies, and three license-out initiatives are progressing smoothly with our partners. We deeply appreciate the recognition and support from our investors. This round of financing will accelerate the clinical translation of our pipeline assets, expand our team, and continue to attract top-tier industry talent. Our mission is to become a primary source of original innovation in the pharmaceutical industry, striving to deliver safer and more reliable innovative therapeutic products to patients worldwide at the earliest possible time.”

Gu Cuiping, Managing Director at HongShan, stated, “Phanes is dedicated to addressing unmet clinical needs. The company demonstrates unique insights in target selection and drug development strategies, possesses a top-tier bispecific antibody technology platform, and has established an innovative and risk-balanced product pipeline with broad prospects for growth. Furthermore, the strong interest shown by multiple internationally renowned companies in several of Phanes’ products during the preclinical stage validates the company’s robust capabilities in original innovation and commercial collaboration. We are pleased to have the opportunity to invest in Phanes and look forward to its technologies and products bringing new breakthroughs to the field of tumor immunotherapy.”