Shijian Biologics Secures Tens of Millions in Pre-A Funding to Accelerate IND Submissions and Pipeline Development

VCBeat learned that on August 24, 2020, Escugen (Shanghai Poet Health Biotechnology Co., Ltd., hereinafter referred to as “Escugen”) announced that it had recently completed a Pre-A financing round worth tens of millions of yuan. The round was jointly invested by Detong Capital, Cash Capital, and other institutions. Xingyuan Zhitong served as the exclusive financial advisor for this transaction, and Tongli Law Firm provided legal services.

Escugen is an innovative antibody R&D company co-founded in Shanghai Zhangjiang by Dr. Qing Zhou, former Chief Scientist of Genor Biopharma, and Dr. Feng He, former Head of Quality at Genor Biopharma. Both founders, who hold doctoral degrees obtained abroad, previously worked at Amgen in the United States before returning to China.

Escugen’s pipeline products are all positioned as global Best-in-Class or First-in-Class candidates, combining strong druggability with significant market potential. The company has also established an extensive global business development network and forged business and strategic collaborations with multiple leading biotech companies worldwide.

Dr. Zhou Qing, founder of Escugen, stated: "We sincerely thank our new and existing investors for their strong recognition and unwavering support of the company. Escugen is committed to developing best-in-class and first-in-class innovative antibody therapeutics. Since its establishment, the company has built a pipeline with significant differentiated competitive advantages. The company’s lead investigational product is scheduled to submit Investigational New Drug (IND) applications in both China and the United States in Q4 2020. The successful completion of this financing round will provide solid financial support for the IND submission of this project, as well as for accelerating process development and preclinical research for subsequent pipeline candidates."

Mr. Shao Jun, Founding Managing Partner of Detong Capital, stated: “The Escugen team has long been dedicated to the R&D of novel antibody drugs, combining experience at overseas multinational corporations with a proven track record of successful product development in China, thereby earning a strong reputation in the industry. The company’s lead pipeline candidates strike an optimal balance between clinical validation of targets and innovation. Notably, ESG-401 demonstrates significant safety advantages and holds the potential to become a Best-in-Class therapy. Detong Capital eagerly anticipates that this round of financing will accelerate the entry of ESG-401 into clinical trials, and we remain committed to providing comprehensive support for Escugen’s future growth.”

Mr. Chen Hongwu, Managing Partner of Cash Capital, stated: “Cash Capital appreciates the global collaborative vision and capabilities of Escugen’s team. The company has established collaborations with multiple leading international biotech firms and research institutions, successfully introducing first-in-class product pipelines that have endowed its products with significant technological competitive advantages. We firmly believe that these efforts will soon enable Escugen’s product portfolio and the company itself to stand out in the innovation-driven competitive landscape. Cash Capital will continue to support the company’s differentiated and global development strategy.”

Fu Jia, Managing Director at Yuanzhi Hitone, stated that Escugen is led by authoritative experts in the antibody field, with a team that has driven the approval or late-stage clinical development of multiple blockbuster antibody-based novel drugs. As the exclusive financial advisor for Escugen’s current financing round, Yuanzhi Hitone will continue to provide comprehensive support to help the company become a leader in the Antibody 2.0 era.