HiFiBiO Therapeutics Secures $67 Million Series C Financing to Accelerate Development of Innovative Therapeutics for Oncology and Autoimmune Diseases

VCBeat (WeChat ID: vcbeat) has learned that on August 28, 2019, Gao Cheng Biology, a globally leading biotechnology company dedicated to applying its unique single-cell analysis platform for immune system profiling to develop therapeutic antibody drugs, announced the completion of its $67 million Series C financing round. The announcement was made simultaneously in Cambridge, Massachusetts; Shanghai; and Paris.

This round of financing was led by IDG Capital, with participation from existing shareholders Sequoia Capital China, Hongli Venture Capital, Legend Star, and Jefferies Capital, as well as new investors Delian Capital, Hanyi Capital, and Kite (a subsidiary of Gilead). China Renaissance served as the exclusive financial advisor for this financing.

The funds raised in this round will be used to expand its single-cell platform layout and accelerate the development of a novel antibody drug pipeline for the treatment of cancer and autoimmune diseases. By combining deep biological expertise with comprehensive single-cell analysis technologies, the company aims to advance multiple drug candidates into clinical trials. Meanwhile, by leveraging the advantages of its unique immune system profiling platform and Drug Intelligence Science platform (DIS™), the company can select more precise patient populations, improve the success rate of clinical trials, and reduce overall R&D time and costs.

Dr. Zhong Liang, President and Chief Executive Officer of the Company, stated, “Over the past year, we have achieved substantial progress and gradually emerged as a significant new force in the field of innovative biotherapeutics. The completion of our Series C financing once again strongly demonstrates our ability to attract top-tier investors such as IDG Capital, as well as globally leading biopharmaceutical strategic partners. With this round of financing, we will further enhance our existing single-cell analysis platform and accelerate the development of our pipeline of innovative antibody-based therapeutics.”

Hu Haoyue, an investor at IDG Capital, stated, “IDG Capital continuously identifies and invests in disruptive technologies and companies with significant potential in the fields of healthcare, communications, media, consumer and entertainment, advanced manufacturing, and clean energy. We believe that Gao Cheng Biological Medicine will revolutionize the development of novel immuno-oncology therapies by leveraging its robust CelliGO™ and DIS™ platforms, bringing hope to patients worldwide.”

Since completing its $37.5 million Series B financing in May 2018, Gao Cheng Biological Medicine has announced the achievement of several key milestones, primarily including:

• Signed an agreement with Takeda for multi-target antibody drug discovery

• Collaborate with Kite to develop a single-cell technology platform supporting innovative TCR-T therapies for the treatment of solid tumors.

• Acquisition of French innovative drug company H-Immune

• Established Victa Biotherapeutics, a joint venture dedicated to developing innovative drugs targeting the novel MSDC pathway

• Published an article in the core journal Nature Genetics, demonstrating how to leverage single-cell high-throughput screening and sequencing technologies to discover innovative biomarkers for cancer therapy

HiFiBiO Therapeutics is an emerging multinational biopharmaceutical company dedicated to developing novel drugs with a core mechanism of action that mobilizes the human immune system to combat disease. By leveraging the team’s deep expertise in biology and integrating innovative single-cell analysis technologies, the company discovers and rapidly advances antibody drug pipelines for the treatment of cancer and autoimmune diseases. Furthermore, through open innovation collaborations with industry and academia, HiFiBiO Therapeutics is committed to addressing unmet clinical needs worldwide. With a global footprint, the company operates state-of-the-art laboratories in Cambridge, Massachusetts (USA); Paris, France; and Shanghai, China.