3DMed nabs $140m co-led by China Securities unit, Efung Capital

3D Medicines Corporation (3DMed), a precision cancer care medicine specialist, has raised $140 million in its debut funding round after spinning off its affiliate 3D Diagnosis into an independent company in 2018, per its announcement on Friday.

The round was co-led by state-backed China Securities’ subsidiary China Capital Management and Efung Capital, a biomedicine-focused venture capital firm.

Chinese contract research firm Tigermed, healthcare-focused Header Capital, Shanghai-based Ruiyi Investment and Shanghai Ruixia Investment Management, besides New World Development Company’s executive vice-chairman and CEO Dr. Adrian Cheng Chi-Kong JP also joined the round.

3DMed will allocate the fresh proceeds to facilitate pipeline products, clinical trials, supply chain and talent management.

3DMed is a clinical-stage biotech company aimed to develop new generation immune-oncology therapies for global cancer patients. Its proprietary pipelines comprise biologics and small molecule anti-cancer treatments, with a slew of drug candidates under final-stage clinical trials.

The flagship drug candidate PD-L1 antibody envafolimab (KN035) is in clinical trials in the U.S, China and Japan. In addition, earlier in March, 3DMed had forged a partnership with Simcere and Jiangsu Alphamab Biopharmaceuticals to advance the commercialisation of KN035 in mainland China, per its recent press releases.

3DMed was also backed by state-owned China Reform Fund, China Resources’ CR Capital, China Xinsheng Investment Group, ChinaEquity Group, Lucion, among others.

China’s market size for anti-cancer drugs is expected to exceed 130 billion yuan ($19 billion) by the end of 2020, and according to Frost & Sullivan, the size for PD-L1/PD-1 inhibitor in the country will touch 66.4 billion yuan ($9.9 billion) by 2023.