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news.HiFiBiO Therapeutics has secured $37.5m Series B financing to accelerate pipeline of antibody drugs to treat cancer and autoimmune disorders.
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The series B financing round was headed by Sequoia China and LYFE Capital, and supported by existing series A investors such as VI Ventures and Nest.Bio Ventures and new investors such as Legend Star Capital and Proxima Ventures.
Sequoia China managing director Lynn Yang said: “We have found HiFiBiO Therapeutics was compelling as an investment due to its unique combination of deep-rooted biological expertise and truly disruptive single-B-cell cloning technology.”
HiFiBiO is engaged in the establishment of multiple strategic partnerships with major pharmaceutical and biotechnology firms to advance the development of antibody drugs, which leverage its single-B-cell functional antibody discovery CelliGO platform.
The company incorporates biological expertise with comprehensive single-cell profiling technologies to discover and advance a pipeline of antibody drugs to treat cancer and autoimmune disorders.
HiFiBiO Therapeutics management team includes Dr. Schweizer, who held senior management roles in cancer research at Sanofi and Bristol-Myers Squibb.
Jeff He is the new chief operating officer of the company. Earlier, he served as an executive vice president for ChemPartner.
At present, the company has over 50 full-time employees at its three operating facilities in the US, France and China.
The firm’s laboratories in Cambridge of Massachusetts and Hangzhou of China are situated within the incubator facilities of Nest.Bio.
HiFiBiO Therapeutics president and CEO Dr Liang Schweizer said: “With our oversubscribed Series B funding, expanded drug development team and new facilitates on three continents, HiFiBiO Therapeutics is now poised to generate breakthrough immune modulators to address unmet medical needs around the world.
“Our rapid pipeline progression is supported by our leadership’s commitment to open innovation generating new biological insights from multiple collaborations with leading global academic institutions and biopharmaceutical companies."