Chinese biopharmaceutical company Beijing Mabworks Biotech Co.,Ltd announced the completion of its Series C1 and C2 rounds of funding at 1.13 billion yuan ($160 million), according to an announcement.
The rounds have been led by CICC Qide Innovative Biopharmaceutical Equity Investment Fund, jointly led by CITIC Securities, healthcare-focused fund Lyzz Capital and Huge Capital.
A slew of other investors also participated in the funding round. These include names such as Bank of Communications’ subsidiary BOCOM International, Beijing E-Town International Investment & Development, SDIC Unity Capital, Yuexiu Financial Holdings’ Industrial Fund, and Sealand Innovation, among others.
CICC Capital, an investment vehicle of state-owned investment bank China International Corporation Limited, acted as the financial advisor.
Mabworks, led by chairman and president Dr Feng Li, has developed a pipeline of over 15 assets in clinical trials in China and the US, which cover treatments such as lung cancer, breast cancer, colorectal cancer, leukaemia and infectious diseases. The company claims to have over 50 patents in and out of China.
Mabworks has had collaborated with HK-listed oncology and autoimmune diseases centered innovative drug maker InnoCare Pharma to develop a novel therapy for B-cell lymphoma, according to a press release shared in August 2019.
“We will further expedite our capacity in the emerging market, to provide affordable drugs for Chinese patients suffering from cancers and autoimmune diseases. Also, we do expect we can be more competitive by navigating the advantages in macromolecules research and partnerships with institutions,” said Dr Li in a statement.
Mabworks will use the proceeds to support its R&D and commercialize its macromolecule drugs.
Prior to the current investment rounds, Mabworks had raised tens of millions of dollars from a group of investors namely GTJA Investment Group, Medfine Capital, QS Capital, and Beijing Yizhuang Biomedical Fund in 2016.