ImmuneOnco announced completion of $89 million round C fund-raising
On March 24, 2021, ImmuneOnco Biopharmaceuticals (Shanghai) Co., Ltd. announced the completion of a $89 million round C financing. The financing was co-led by the Greater Bay Area Homeland Investments Fund (Greater Bay Area Fund) and Lilly Asia Fund (LAV), with Shanghai Science Innovation Commission Venture Fund. The Pre-A round investor Shanghai Zhangke Lingyi Investment Corporation and the B-round investor LYFE Capital (Jifeng) added more stakes. Lilly Asia Fund (LAV) and LYFE Capital continue to make additional investments. This round of financing funds is mainly used for clinical trials of three new drug projects (IMM01, IMM0306, IMM2510) being conducted in China, and Phase I clinical trials of IMM0306 projects launched in the United States, as well as the preclinical experimental studies of other five new drug projects.
Since its establishment in June 2015, ImmuneOnco has adhered to independent research and development and obtained 4 clinical trial approvals in China, 1 clinical batch (IMM0306) in the United States, and is submitting 5 new clinical trial applications (including one FDA in the United States). The ongoing Phase I clinical trials of IMM01 for various lymphoma indications are close to their end and ready to carry out extended trials. Available data show that the IMM01 is promising both in terms of safety and effectiveness, and there is a good chance to become the best-in-class product. In addition, the company has been completed 200L production workshop in June 2020 and successfully completed 5 batches of pilot production. Plans of GMP production plant are being actively promoted. At present, the number of staff of the company reach to 77 and are expected to expand to 120 by the end of this year.
“We highly appreciate the high recognition of our team and projects by investors. I believe this round of financing will be very helpful to promote IMM01 (SIRPa-Fc), IMM0306 (CD47xCD20), IMM2510 (VEGFxPD-L1) clinical trials in China and IMM0306 (CD47xCD20) project clinical trial in the United States. It is also a strong backup for new pipeline expanding based on new targets and high-end team build-up. Dr. Tian Wenzhi, the founder and chairman of ImmuneOnco, said: " ImmuneOnco has always been adhering to the concept of 'patient-based, science and technology-based, and constantly develop unmet clinical needs, safe and effective cancer treatment programs to fill gaps at home and abroad', to provide better therapy for cancer patients around the world." We firmly believe that ImmuneOnco's rich product pipelines, unique R&D and technology platforms and clinical development strategy will have great potential for investment and market prospects."
" ImmuneOnco pipeline is rich and unique, and we believe there will be great international competitiveness in this field in the future," Dr. Fei Chen, Managing Partner of Lilly Asia Funds, said, "Our two consecutive investments in ImmuneOnco within one year speak for our confidence in both the team and products of the company. We are expecting a bright future for ImmuneOnco”
"Congratulations to ImmuneOnco on completing the C-round financing," said Yu Xiaoyong, founding partner of Shanghai Zhangke Lingyi Investment Corporation, ‘ We are honored to be one of the first organizations to collaborate with Dr. Tian Wenzhi, founder of ImmuneOnco. Dr. Tian Wenzhi was committed to the development of innovative drugs when he founded the company in 2015, especially for CD47, once were not well-known in the industry, which fully reflects Dr. Tian’s confidence in its own technology. At the same time, the company was also facing the challenge of how to verify the target. With the tireless efforts, ImmuneOnco has seen the benefits for patients clinically. The successful completion the C round of financing will accelerate the company's clinical trials in China and the United States, at the same time, the construction of production plant can start. This is a critical milestone in the history of the company.”
ImmuneOnco Biopharmaceutical Technology (Shanghai) Co., Ltd. was founded in June 2015 and was registered as Zhangjiang Hi-Tech Park in Shanghai. The company is mainly committed to cancer immunotherapy product development, including bi-specific antibodies, new recombinant proteins, as well as TANKTM cellular therapy. A common feature of these products is to activate patient's own immune system to play an anti-tumor effects, and ultimately stop the endless growth of tumor cells, cure a series of resulting malignant symptoms, and patients gradually return to healthy.
About Lilly Asia Fund (LAV)
Founded in 2008, Lilly Asia Fund (LAV) is a leading venture capital fund focused on investing in the life sciences and healthcare industries with offices in Shanghai and Hong Kong, China and Silicon Valley, USA. Lilly Asia Fund is committed to be a reliable partner for those who seek smart capital to create great companies that fight disease and improve health of human being with breakthrough products。
About the Greater Bay Area Common Home Development Fund
(Dawan District Fund) The Dawan District Fund was jointly launched by large international industrial institutions, financial institutions and new economic enterprises. It focuses on biomedicine, scientific and technological innovation, industrial upgrading, better life, smart cities and other related fields by grasping the opportunities of the trending era. It covers venture capital, private equity, secondary markets, mergers and acquisitions and other projects throughout the whole life cycle of investment, providing financial support to top entrepreneurs and promising enterprises, docking industries and financial resources and contributing to long-term returns for companies and shareholders.
About The Shanghai Science And Technology Fund
Founded in 2017, The Foundation's investors include Shanghai International Group, Guosheng Group, Shanghai Harbor Group, Shanghai Trust, Guotai Junan, Zhangjiang Gaoke, etc., with a first-phase management scale of 6.52 billion yuan, focusing on strategic emerging industries such as information technology, biomedicine, advanced manufacturing environmental preservation by using new energy sources.
Through in-depth cooperation with outstanding sub-fund managers, the Shanghai Science and Technology Foundation has made full use of the ecological advantages, focusing on cultivating start-up enterprises that conform to the national strategy, and those have technological leadership and creativity, outstanding substitutive effects of import under the dual-cycle running pattern, and those have unicorn potential to help Shanghai to accelerate the establishment of globally impacted center in scientific and technological innovation.
About LYFE Capital (Jifeng Capital)
LYFE Capital is an investing organization in healthcare founded in 2015 with a total management size of approximately $1.3 billion. We are committed to investing in companies with excellent management teams with ambitions in the U.S. and China markets. Our investments include biopharmaceuticals, medical devices for treatment and diagnostics. We work closely with investee companies not only to provide financial support, but also to assist in international business development, to find overseas partners, to actively support market planning and team improvement and to help product approval and market access. For Jifeng Capital, the invested enterprises are not only investment projects, but also long-term partners.
About Shanghai Zhangke Lingyi Investment Corporation (Zhangke Lingyi)
Zhangke Lingyi is a local venture capital institution in Zhangjiang District, mainly invested in early and medium phase companies within Zhangjiang Science City in the field of bioMedicine and innovative medical devices. We have invested in ImmuneOnco, NewMed, VCBeat, Joymedicare, Novamab, LINO Biological Technology BDgene Therapeutics, etc. Deeply rooted in Zhangjiang, Zhangke Lingyi posses a wealth of resources in industry, project and information. through the integration of capital, talents, developmental space, enterprise cooperation, regulation information and other factors, Zhangke Lingyi helps entrepreneurs to promote development of creative enterprises rapidly.
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