China: GTJA pilots $39m round in antibody drug firm Mabworks

Chinese private equity firm Shenzhen GTJA Investment Group has piloted a $39 million (RMB270) series B round in Mabworks Biotech Co Ltd, a Beijing-based developer of gene engineering antibody medicines.

Harvest Capital Management Co Ltd, including existing investors Mefund Capital, and Beijing E-Town Biomedical Park also joined in the round, the China Money Network reported.

Mabworks is currently developing antibody drugs including an Ebola cure MIL77. It was founded in 2003 and now has two drugs in clinical trial: MIL60, a substitute of cancer and a specific eye disease drug Bevacizumab, and MIL62,a chronic lymphocytic leukemia drug.

Mabworks last May raised up to $14 million in a series A round led by Mefund Capital.

GTJA Investment noted Mabworks is mature enough to address the gaps of high entry barriers of antibody drugs having completed its drug development platform and is now ready to manufacture drugs on an industrial scale.

Founded in 2001, GTJA Investment does growth stage investment and buyout deals in the healthcare industry in China. It invested in bio-pharmaceutical company Jiangxi Boya Biopharmaceutical Corp that achieved in a stock market listing in 2013.

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