HiFiBiO Therapeutics Closes $75 Million Series D Financing to Accelerate Pipeline With Two Lead Immuno-Oncology Programs and Validate Its DIS™ Approach in the Clinic
Latest funding led by Mirae Asset Financial Group and joined by B Capital Group, Sherpa, and other new investors together with existing investors such as IDG and Sequoia
CAMBRIDGE, Mass. & HONG KONG & HANGZHOU, China & SHANGHAI & PARIS, June 14, 2021-- HiFiBiO Therapeutics, a multinational biotechnology company with unique expertise in immune modulation and drug intelligent science, today announced the completion of an oversubscribed $75M Series D financing round. The funding was led by the new investor Mirae Asset Financial Group. Further, B Capital Group, Sherpa, Maison Capital, Trinity Innovation Fund, Grand Mount, and HKSTP Venture Fund also participated in this round. The existing shareholders IDG, Sequoia, Legend Star, and Hengxu continued to invest.
HiFiBiO Therapeutics will use the proceeds from the financing to advance two lead antibody oncology assets into Phase I clinical trials - HFB200301, a novel anti-TNFR2 antibody and HFB301001, a differentiated second generation anti-OX-40 antibody. The company will leverage its Drug Intelligent Science (DIS™) platform which combines deep-rooted biological expertise, single-cell science, and advanced data intelligence tools to enhance the probability of success of these two trials as well as future trials. Additionally, the company will continue to advance multiple pipeline programs through discovery and clinical development.
“Since the close of our last round, the company has achieved significant milestones, including the rapid development of HFB30132A1, a SARS-CoV-2 neutralizing antibody into Phase I trial (NCT04590430) and the successful launch of IND-enabling studies and biomanufacturing activities for antibodies against multiple novel immuno-oncology targets,” said Liang Schweizer, PhD, President and CEO of HiFiBiO Therapeutics. “In addition, we remain fully committed to the advancement of our pioneering DIS™ approach for identifying disease relevant targets, high quality antibody therapeutics, as well as to validate our biomarker hypothesis in the clinical setting. We appreciate the backing from investor communities around the world who resonate with our vision to take this powerful drug discovery and development engine to the next level.”
With the new round, Ryan Jeong from Mirae Asset Capital will be joining the company’s Board of Directors. “Mirae Asset strives to invest in breakthrough ideas and innovative teams in the life science industry,” said Ryan. “Based on their most recent successful partnerships and demonstrated ability to rapidly advance a sustainable pipeline of innovative therapeutics, we are excited to support HiFiBiO Therapeutics as they pioneer the way immunotherapies are developed and delivered to each and every patient.”
For more information, please visit the HiFiBiO news page here.
About Mirae Asset Financial Group
Mirae Asset is a leading global diversified financial services firm operating out of 30 offices across America, Asia, Europe and the Pacific. Founded in 1997, the company manages over $563bn (as of March 2021) in investor capital across its asset management, investment banking, life insurance and venture capital businesses. Since its founding, the firm has focused on investing in innovative and breakthrough ideas and teams across all sectors.
About B Capital Group
Leveraging global resources and exclusive partnership with The Boston Consulting Group, B Capital Group is a global investor dedicated to empowering portfolio companies. Our key areas of focus include Enterprise technology, Healthcare, Industrial and Transportation, and Fintech and Insurtech. Our unique partnership with BCG gives our portfolio companies access to a vast network of global resources and empowers them to scale their businesses. We invest in firms at different stages—from venture and growth stage to late stage, to provide them support along their journeys. We have built a global presence with offices in Los Angeles, San Francisco, New York, Singapore, Hong Kong and Beijing. Our portfolio in healthcare sector includes Atomwise (developer of AI technology for drug discovery), Evidation Health (health data analytics platform), and Notable Labs (precision medicine platform), etc. For more information, visit http://www.bcapgroup.com/.
About Sherpa Healthcare Partners
Sherpa Healthcare Partners (“Sherpa”) was founded in 2018. The founders of Sherpa previously worked together in one of China’s leading venture capital firms, where they built the dedicated healthcare investment fund and led its professional medical investment team since 2011. The founders have closely cooperated to form a team, built on shared values, mutual trust, and complementary capabilities. Sherpa has now become an influential healthcare VC firm in the industry. Sherpa has invested in leading companies in many key areas, such as Pharma, GeneTech, MedTech and Medical services. From 2011 to 2020, the team has gone through 4 vintage year cycles of multiple U.S dollar funds and RMB funds and made over 100 investments. Sherpa has the honor to work with many outstanding entrepreneurs and grow together with them.
About Maison Capital
Established in 2004, Maison Capital is a leading Chinese private equity firm currently managing both RMB and USD funds with offices in Shenzhen, Beijing and Hong Kong. It focuses on growth stage investments in consumer lifestyle, consumer technology and consumer healthcare companies with China-related businesses. Maison Capital makes long-term and independent investment decisions empowered by effective and comprehensive bottom-up research. As an early adopter of international ESG standards among Chinese funds, Maison Capital is committed to incorporating ESG principles in its investment processes and businesses it invests in.
About Trinity Innovation Fund
Trinity Innovation Fund (“TIF”) is dedicated to investing on biomedical innovations. TIF’s limited partners (LPs) include renowned biopharmaceutical companies and investment institutions. Embedded in the name, TRINITY represents the basic philosophy as “Triad of scientists, managers and investors, let professionals do their own jobs.” As investor, TIF helps scientists to transform research outcomes, managers to develop corporates. Together with scientists and managers, TIF turns Innovation into Cure. Leveraging on TIF’s profound industry knowledge and resources, it is committed to accelerating growth of its portfolio companies via strategy optimization, recruitment of key positions, partnering and more.
About HiFiBiO Therapeutics
HiFiBiO Therapeutics is an emerging multinational biotherapeutics company mobilizing the human immune system to combat disease. The company integrates deep-rooted biological expertise with its comprehensive single-cell profiling technologies to discover and accelerate a pipeline of antibody drugs to treat cancer and autoimmune disorders. In addition, HiFiBiO Therapeutics aspires to address unmet medical needs around the world through open-innovation partnerships with industry and academia. The company features a strong global footprint with cutting-edge laboratories on three continents in Cambridge, Mass., Paris, France, Shanghai, Hong Kong, and Hangzhou in China. For more information, please visit www.hifibio.com.
1 HFB30132A is an investigational agent. Safety and Efficacy have not been established. There is no guarantee that HFB30132A will become approved and commercially available anywhere globally.
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