HiFiBio Therapeutics Secures $75 Million Series D Financing to Advance Oncology Pipeline; China Renaissance Serves as Exclusive Financial Advisor

VCBeat has learned that on June 14, Gao Cheng Biological Medicine (Hangzhou) Co., Ltd. announced the completion of its oversubscribed $75 million Series D financing round. The round was led by new investor Mirae Asset Financial Group, with participation from Boston Investment Group, Sherpa Healthcare Partners, Shenzhen Maison Capital Co., Ltd., Beijing Baixun Investment Management Co., Ltd., Grand Mount Capital, and the Hong Kong Science Park Venture Capital Fund. Existing shareholders IDG Capital, Sequoia Capital, Legendstar Capital, and Hengxu Capital continued to participate in this round. China Renaissance served as the exclusive financial advisor for the transaction.

Gao Cheng Biologics is a multinational biopharmaceutical company dedicated to developing an innovative drug pipeline by leveraging human immune modulation and its Drug Intelligence Science Technology Platform (DISTM). The company will utilize the funds raised in this financing round to advance two leading innovative anti-tumor antibody candidates into Phase I clinical trials: HFB200301, an innovative antibody targeting TNFR2, and HFB301001, a differentiated second-generation innovative antibody targeting OX-40. By employing its DISTM platform, which integrates deep disease biology expertise, single-cell science, and advanced data intelligence tools, the company aims to enhance the success rates of these and future clinical trials. Furthermore, Gao Cheng Biologics will continue to advance multiple pipeline candidates through early discovery and clinical development.

Dr. Liang Schweizer, President and CEO of Gao Cheng Biological Medicinestated: “Since the last round of financing, the company has achieved several significant milestones, including the rapid development of HFB30132A (a SARS-CoV-2 neutralizing antibody) and its entry into Phase I clinical trials in the United States (NCT04590430), as well as the successful initiation of preclinical studies and CMC manufacturing for antibody programs targeting multiple novel immuno-oncology targets. Furthermore, we remain committed to advancing our proprietary DISTM platform, which is designed to identify disease-relevant targets, discover high-quality antibody therapeutics, and validate our biomarker hypotheses in clinical practice. We are deeply grateful for the support from professional investment institutions worldwide, who resonate with our vision and look forward to the company’s continued enhancement of its robust early-stage drug discovery and clinical development engine.”

Following this round of financing, Ryan Jeong from Mirae Asset Financial Group will join the company's board of directors.Ryan stated, “Mirae Asset Financial Group is committed to investing in groundbreaking concepts and innovative teams within the life sciences industry. In recent years, Gao Cheng Biological Medicine has achieved multiple successful external collaborations and demonstrated its ability to rapidly advance a sustainable pipeline of innovative therapeutic products. We are delighted to support Gao Cheng Biological Medicine as it continues to pioneer advancements in immunotherapy, ultimately benefiting every patient.”

Xie Yijing, Managing Director and Head of the Healthcare & Life Sciences Group at China Renaissance“Gao Cheng Biologics is a globally leading, platform-based innovative company dedicated to developing novel antibody therapies and driving transformation in the field of immunotherapy. China Renaissance is honored to have continuously assisted Gao Cheng Biologics in completing private equity financing transactions since 2019. We firmly believe that, with the support of both existing and new shareholders, the company will achieve further breakthroughs and embark on a new journey. China Renaissance will continue to serve as Gao Cheng Biologics’ long-term partner in the capital markets, supporting the company in fulfilling its mission and vision in the field of immunotherapy.”