By Ashley Galina Dudarenok China was one of the first countries to contain the COVID-19 epidemic with relative success, and the economy is better for it. The National Statistics Bureau reported 4.9% growth in China’s Q3 GDP year-on-year, showing improvement against both its 3.2% growth in Q2, and [...]
Funding will be used to enhance R&D capacity and strengthen existing infrastructure
Antengene Corporation, an innovative hematology and oncology-focused biopharmaceutical company, announced on July 20 that it had successfully closed US$97 million in Series C financing, to support ongoing drug development and preparations for potential commercialization.
The financing was led by Fidelity Management & Research Company LLC with additional support from new investors including GL Ventures, GIC, and a large, reputable long-term investor. Existing investors including Qiming Venture Partners and Boyu Capital also participated in the funding.
China- and U.S.-based Antengene’s activities include integrated drug discovery, clinical development, manufacturing and commercialization. Over the past 3 years, Antengene has developed 12 clinical and pre-clinical stage programs and obtained 7 IND approvals with 10 ongoing cross-regional clinical trials in the Asia Pacific region.
With a vision of “Treating Patients Beyond Borders,” the company aspires to meet the unmet medical needs of patients in the Asia Pacific regions and around the world through research & development into top quality anti-cancer drugs and treatments. Antengene has partnerships with a number of bg players in the industry, including Celgene, Karyopharm Therapeutics and AstraZeneca.
Proceeds from the Series C financing will mainly be used to fund the continuing clinical development of Antengene’s hematology and oncology therapies, enhancing in-house research and development capabilities and strengthening the commercial infrastructures in APAC markets.
To date, Antengene has made significant progress with its broad pipeline of six clinical-stage programs and six pre-clinical stage oncology assets. The company has developed compounds which are now used in the treatment of a number of diseases, including myeloma, carcinoma, and other types of malignancies and cancers.
In 2019, funding for healthtech innovators exceeded US$7.4 billion, and research shows that investors continue to invest significantly in this field. The health tech industry is particularly significant in China, where authorities are attempting to meet the healthcare demands of the population with their supply of medical resources. The global pandemic has further necessitated research and development in the field of health tech.
Dr. Jay Mei, Founder, Chairman and CEO of Antengene says, “We appreciate the recognition and trust from these prestigious investment institutions. This round of financing has drawn support from among the world’s largest asset managers, top-tier healthcare investors widely recognized in the capital markets, and strong continuous support from our existing investors. This is an important milestone to reinforce Antengene’s capabilities to bring cutting-edge therapies to help patients with life-threatening diseases in the Asia Pacific regions and around the world.”
Header image courtesy of Louis Reed on Unsplash.