Bliss Biopharmaceutical Secures Over RMB 100 Million in Series B+ Financing to Advance Differentiated ADC Pipeline; Files for Hong Kong IPO

VCBeat has learned at the earliest opportunity that,BlissBio(hereinafter referred to as"BlissBio") announced completion by the end of 2022Over RMB 100 Million in Series B+ FundingFinancing. This round of financing was led byYueyin Healthcare FundLead Investor, Existing ShareholdersShenzhen Oriental Fortune Capital Co., Ltd.andSherpa CapitalContinuous infusion.

The proceeds from this financing round will be used to advance the clinical development of BB-1701, BB-1705, and BB-1709; conduct preclinical studies and regulatory filings for other candidates in the product pipeline; and prepare for marketing authorization applications for innovative drug projects.

BB-1701 is a HER2 antibody-drug conjugate (ADC) currently advancing through Phase II clinical cohort expansion studies. The company’s second innovative drug, BB-1705, is an EGFR ADC that, like BB-1701, utilizes the same unique marketed toxin, eribulin, and is currently undergoing Phase I clinical trials. The company’s third innovative drug, BB-1709, is a first-in-class ADC that has received approval from the U.S. FDA to proceed with clinical trials, and its Investigational New Drug (IND) application has been accepted by China’s National Medical Products Administration (NMPA). The company holds global rights for the development and commercialization of its ADC products. Leveraging its proprietary site-specific conjugation technology platform and in-house GMP-compliant manufacturing capabilities that meet international standards, the company is actively advancing the research and development of multiple promising innovative drugs across its tiered pipeline.

Dr. Wei Ziping, Co-founder, Chairman, and CEO of BlissBiostated, “We are honored that the progress BlissBio has made in the field of biomedical innovation has earned everyone’s trust and full recognition. Thanks to the support and confidence shown by both our existing and new investors, we hope that, accelerated by this round of financing, BlissBio will efficiently advance the development and industrialization of multiple products in its pipeline through a combination of in-house R&D and external collaborations, thereby addressing unmet clinical needs.”

Zheng Yufen, Founder of Yueyin Medical Fund“We are delighted to participate in this round of financing for BlissBio. Antibody-drug conjugates (ADCs) have long been a key sector in biopharmaceuticals, characterized by high technical barriers and significant development challenges. BlissBio boasts a highly proactive biopharmaceutical team. Leveraging its extensive R&D experience, proprietary technology platform, and active international collaborations, we believe BlissBio is well-positioned to deliver superior clinical therapies to patients and emerge as a leading enterprise in China’s ADC landscape.”

Continuously Monitoring and Bullish on Sherpa’s Lead Investment in BlissBio’s Series A RoundCai Daqing, Founder of Sherpastated: “The ADC field has witnessed rapid development in recent years, creating a highly competitive landscape. We believe that with its exceptional team capabilities and robust technological advantages, BlissBio is poised to become an industry leader. The company’s various R&D assets have already shown promising signals in Phase I clinical trials and early preclinical data, and development is progressing rapidly. We have high expectations for the company’s future success.”

Accompanying BlissBio’s growth since the angel roundLi Xiaonan, Partner at Oriental Fortune Capitalstated: “ADC drugs possess significant clinical potential, making them a highly contested frontier for many pharmaceutical companies focused on oncology. BlissBio has integrated leading innovative technologies, talent, and systems from China, the United States, Japan, and other countries, successfully building a product pipeline capable of competing in the international market. The company’s management team boasts broad vision, extensive development experience, and strong execution capabilities. We have accompanied the company since its inception and are exhilarated by every step it has taken. Through the BlissBio project, we are putting into practice ‘In China for Global’’pharmaceutical investment philosophy, helping Chinese innovative pharmaceutical companies go global, while also hoping that BlissBio's new drug products can benefit patients as soon as possible.”

Bliss Biopharmaceutical (Hangzhou) Co., Ltd. (BlissBio) was established in December 2017 in the Qiantang District of Hangzhou, Zhejiang Province. Founded by a team of PhDs who returned to China after studying in the United States, BlissBio is a national high-tech enterprise at the clinical stage with independent intellectual property rights, specializing in the research and development (R&D) and industrialization of innovative biologics for oncology. The company currently has three innovative tumor-targeting antibody-drug conjugates (ADCs) in clinical trials, each holding broad market prospects across multiple tumor indications. The core management team boasts extensive experience in the successful R&D and commercialization of multiple products in this field, possesses diverse technological platforms, maintains a rich pipeline of drug candidates at various development stages, and has the capability to manufacture antibodies and ADCs in its own facilities in compliance with international Good Manufacturing Practice (GMP) standards. Adhering to its core value proposition of “Harnessing Collective Expertise to Safeguard Public Health,” BlissBio collaborates closely with domestic and international peers to jointly advance the R&D and industrialization of differentiated, globally competitive innovative biologics.

Yueyin Healthcare Fund is an investment institution focused on the healthcare industry, established by a distinguished professional team comprising experts from both the medical and investment sectors. Committed to advancing the development of China’s healthcare industry, the fund strives to identify high-growth innovative startups and enterprises in the Chinese healthcare sector, providing comprehensive investment management services to become a trusted partner for entrepreneurs and investors. The fund’s strategy is patient-centric and grounded in medical services, with investments strategically allocated across three dimensions—disease categories, new technologies, and the industrial value chain—spanning areas such as medical services, medical devices, biopharmaceuticals, in vitro diagnostics (IVD), and smart healthcare.

Sherpa is a specialized fund focused on early-stage healthcare investments. Adhering to an investment philosophy centered on building industry ecosystems, Sherpa constructs its portfolio by targeting critical unmet medical needs in the treatment of major diseases, leveraging deep insights into these therapeutic areas. The firm strategically invests across the entire industry value chain, covering both upstream and downstream sectors. By actively sharing operational expertise and forward-looking perspectives spanning the full industry chain with its portfolio companies, Sherpa proactively fosters internal and external synergies. This approach helps companies achieve rapid growth in business performance and valuation, while securing leading positions in their respective niche markets. Sherpa has invested in industry-leading enterprises across key segments such as healthcare services, pharmaceuticals, gene technology, and medical devices, thereby cultivating comprehensive resource advantages in deal sourcing, post-investment value-added services, and exit strategies. From 2011 to 2022, through four fund vintages and the rigorous cultivation of over 100 healthcare projects, Sherpa has had the privilege of partnering with numerous outstanding entrepreneurs, growing together along the journey.

SME Development Fund (Chengdu) Jiaozi Venture Capital Partnership (Limited Partnership) (“Chengdu Fund”) is a national-level fund approved by the Executive Meeting of the State Council, spearheaded by five ministries and commissions—the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission, and the State Administration for Industry and Commerce—as well as the National SME Development Fund Co., Ltd., with Shenzhen Oriental Fortune Capital Co., Ltd. serving as the fund manager. Shenzhen Oriental Fortune Capital Co., Ltd. is committed to investing in innovative Chinese enterprises with growth potential and listing prospects, actively providing value-added services to its portfolio companies, and striving to help them maximize their value. Since its establishment, Shenzhen Oriental Fortune Capital Co., Ltd. has managed funds totaling over RMB 30 billion and has invested in more than 550 projects to date.