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news.Adagene, an antibody discovery and development company, has raised $50m in Series C financing, led by Sequoia China, and backed by New World TMT, AVIC Trust, King Star Capital, Gopher Asset Management and other investors.
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The round was oversubscribed.
Adagene CEO Peter Luo said: "Adagene is built on a proprietary discovery engine that we have leveraged to discover highly differentiated portfolio of agonist and antagonist therapeutic antibodies.
"The funds from this round of financing will be used to advance novel antibody therapeutics into human trials across the globe. The antibodies discovered from our Dynamic Precision Library [DPL] platform enable translational research of our therapeutic leads on the intact immune system of highly predictive preclinical models."
Sequoia China founding & managing partner Neil Shen said: "Adagene's portfolio of core technologies and R&D team allows it to leverage its in-house DPL platform to fuel substantial value inflection in the near term. Its asset reflects the innovation originated from China.
"By leading the investment round, Sequoia China aims to help provide Adagene with the ability to drive long term growth, as well as better the discovery of novel antibodies and next generation therapeutics through the continued productivity of its discovery engine."
New World TMT CEO Albert Wong said: "Adagene has successfully transformed from a platform to a biopharmaceutical company with drugs entering clinical trials. The entrepreneurial and seasoned management team has made major progress in R&D, which has left a deep impression on us. We are eager to see its drugs benefit patients around the world.”
"New World TMT Ltd, had previously participated in the Series B round financing and we are honored to continue our investment by participating in the C round as well."
New World TMT, a member of the New World Group (one of Hong Kong's blue chip conglomerates listed on the HK Stock Exchange, code: 17), was also a participant in the Series C.
Eight Roads Ventures Asia senior managing partner Daniel Auerbach said: "Eight Roads Ventures have been early investors in Adagene, and we continue to enthusiastically support Adagene as it is now realizing its promise of delivering differentiated and novel therapeutics invented in China for the World.”
Source: Company Press Release
