HiFiBiO Therapeutics, a US biotherapeutics company, which has developed a single-cell analytics platform for extensive immune profiling, has completed a $67m (£54.86m) Series C financing round.
The funding was led by new investor IDG Capital. The existing shareholders Sequoia Capital China, VI Ventures, Legend Star Capital, and LYFE Capital continued to invest. New investors Delian Capital, Hanne Capital, and Kite, a Gilead Company, also supported this round.
HiFiBiO Therapeutics will use the proceeds from the financing to expand its platform efforts and accelerate the development of its novel antibody drug pipeline to treat cancer and autoimmune disorders. The company, which integrates deep-rooted biological expertise with comprehensive single-cell profiling technologies, expects to have multiple drug candidates advance to the clinical trial phase. HiFiBiO Therapeutics leverages its unique immune profiling platform and Drug Intelligent Science (DIS) to target more precise patient subsets and enhance the probability of success, while reducing overall time and costs.
As part of the investment round, IDG Capital will be represented on the company’s Board of Directors by Tiger Hu, MD, MBA. “IDG Capital is continually looking to invest in pioneering technologies that have the potential to produce tomorrow’s breakthroughs in healthcare, telecommunications, media, consumer & entertainment, advanced manufacturing, and clean energy,” said Dr. Hu. “With its proven CelliGO™ platform and DIS capabilities, we are confident that HiFiBiO Therapeutics will soon transform the way novel immuno-oncology therapies are developed and delivered to patients in need around the world.”
“Over the past year, we have made substantial strides in our evolution as an emerging driving force for innovative biotherapeutics,” said Liang Schweizer, PhD, President and CEO of HiFiBiO Therapeutics. “The Series C funding is another strong validation of our ability to attract the attention from top investors such as IDG Capital, as well as a leading global biopharmaceutical strategic partner. We will use the proceeds to further advance our unique single-cell platform and develop our pipeline of antibody drugs.”
Since closing its $37.5 Million Series B financing round in May 2018, HiFiBiO Therapeutics has announced several significant milestones, including strategic biopharmaceutical company collaborations, an acquisition, a joint venture, and an important scientific publication.
Source: Company Press Release