Yantai-based Biopharmaceutical Company RemeGen Raises $100m in a Private Financing Round
RemeGen, which presently has one new drug application filed in China, intends to use the newly raised capital to proceed with the development of its early-stage drug discovery platform, to widen its manufacturing facilities, and to advance the commercialization efforts of its two lead molecules, RC18 (telitacicept) and RC48
Fremont, CA: RemeGen, a Yantai, China-based biopharmaceutical company, has raised approximately $100m in a private financing round co-led by Lilly Asia Ventures and Lake Bleu Capital with participation from Hudson Bay Capital, Vivo Capital, OrbiMed, Janchor Partners, and other existing investors. Loyal Valley Capital and China Reform Conson Soochow Overseas Fund have also invested in the funding round.
"It is a great honor to receive the recognition and support from the top investment institutions in the biomedical space," said Jianmin Fang, Ph.D., founder and CEO of RemeGen. "Reaching this funding milestone will allow us to pursue further our vision of developing biologics of the future. Through research, development, manufacturing, and commercialization of novel biologics – most notably monoclonal antibodies (mAb) and antibody-drug conjugates (ADCs) – RemeGen aims to fulfill the unmet medical needs of patients everywhere facing conditions such as autoimmune diseases and cancer, bringing us one step closer to the future of medicine."
"We are honored to lead this round of funding," says Dr. Fei Chen, Managing Partner of Lilly Asia Ventures. "As a long-term investor, we look forward to partnering with RemeGen to become a leading global biopharmaceutical. We believe that the biologic drugs innovated by RemeGen will continue to benefit patients at home and abroad."
RemeGen was founded in 2008 under the leadership of Jianmin Fang, Ph.D., CEO, and is a biopharmaceutical firm with fully integrated capabilities in research and discovery, clinical development, manufacturing, and commercialization of biologic drugs. The firm focuses on researching and developing innovative biologics in the therapeutic areas of autoimmune diseases, cancer, and ophthalmology. In a short period, RemeGen has built a prolific pipeline of over ten innovative molecules with two molecules, spanning five disease indications in Phase III or pivotal trials in China.
RemeGen, which presently has one new drug application filed in China, intends to use the newly raised capital to proceed with the development of its early-stage drug discovery platform, to widen its manufacturing facilities, and to advance the commercialization efforts of its two lead molecules, RC18 (telitacicept) and RC48. Telitacicept is a fusion protein with a new drug application filed in China for systemic lupus erythematosus (SLE). It is also currently in Phase II or Phase III trials for six other autoimmune disease indications. RC48, a HER2 ADC for the treatment of various solid tumors, is now in pivotal clinical trials for gastric and urothelial cancers.
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