Chinese biotech firm Rec-Biotechnology (RecBio) has secured over 1.5 billion yuan ($227.4 million) in its Series B round to fund the clinical trials of its product candidates including recombinant COVID vaccines.
The Series B round was backed Legend Capital, a venture capital unit of China’s Legend Holdings; US and China-focused healthcare fund LYFE Capital; Sequoia Capital China; and Vertex Ventures China, which is backed by Singapore state fund Temasek, the deal’s financial adviser Life Venture announced in a WeChat post on Tuesday.
Other investors included Haitong Securities’ private equity arm HT Capital; Shenzhen-based PE firm Co-Stone Asset Management; YuanBio Venture Capital, which invests in early and growth-stage life science and healthcare startups; healthcare-focused Tsing Song Capital; and Hong Kong-based financial services firm China Everbright Limited.
RecBio was established in 2012 at the Taizhou Medical New & Hi-Hech Industrial Development Zone in eastern China’s Taizhou City, Jiangsu Province. The firm focuses on the innovation, development and commercialisation of genetically engineered vaccines for the treatment of major diseases. It has built a technological platform for the R&D of protein engineering and new adjuvants.
It currently has a pipeline that covers a series of human papillomavirus vaccines (HPV), recombinant zoster vaccines (RZV), vaccines for the prevention and treatment of tuberculosis, and recombinant COVID vaccines at different R&D phases.
Proceeds from the Series B round will be used to build a production base for the industrialization of RecBio’s major pipeline products, and to finance the clinical trials of its 9-valent HPV vaccines and recombinant COVID vaccines.
The firm also plans to use the capital to expand its product pipeline, develop its platform for the advancement of core technologies, and international expansion.
In January 2019, the company had raised 500 million yuan ($75.8 million) in a Series A round from investors including Chinese VC firm Oriental Fortune Capital; and CR Capital Management, an affiliate of Chinese state-owned conglomerate China Resources.