Updated on 1 February 2016
The series B funding will be used to advance multiple programs into clinical proof of concept
Singapore: Adagene, China based antibody discovery and development company, has raised USD28 million Series B financing led by GP Healthcare Capital along with New World TMT and current investors including Eight Roads Ventures China (formerly Fidelity Growth Partners Asia), F-Prime Capital (formerly Fidelity Biosciences) and WuXi Corporate Venture Fund. China Renaissance acted as the exclusive financial advisor for Adagene in this financing.
Dr Peter Luo, CEO and co-founder, is a serial entrepreneur with expertise in antibody discovery and engineering. He previously co-founded Abmaxis, which was acquired by Merck in 2006, where he served as Merck's Director of Biologics and Head of Antibody Engineering. He was also the first lead scientist at Xencor.
Adagene is utilizing its proprietary dynamic precision library technology (DPL) to drive discovery and development of pioneering new medicines. Adagene is creating a pipeline of innovative mono-specific and bi-specific antibody therapeutics focused on proven and challenging antigens for its internal pipeline, and for its collaborations with leading international pharmaceutical and biotechnology companies in North America, Europe, and China.
The series B funding will be used to advance multiple programs into clinical proof of concept, as well as to continue Adagene's discovery efforts addressing unmet medical needs through differentiated therapies.
"Adagene is inventing innovative medicines in China for the world, and building a global brand by advancing the boundaries of antibody therapeutics," said Dongmei Ji, managing partner, GP Healthcare Capital. "Adagene's core focus of bringing novel solutions to bear on unmet medical needs, is central to our own investment focus of innovation driven companies with global reach."