PRINCETON, N.J. and SHANGHAI and SUZHOU, China, Could 19, 2021 /PRNewswire/ — Duality Biologics (DualityBio or Firm), an revolutionary biotech firm, introduced the completion of $90 million sequence B financing in the present day. This spherical of financing was led by Lilly Asia Ventures (LAV) and collectively invested by YUNION Healthcare Fund, Huagai Capital, NRL Capital, Inexperienced Pine Capital Companions, and Oriza Holdings, and so on. Collection A investor WuXi Biologics (2269.HK) continued to extend its stake on this spherical to speed up DualityBio’s R&D progress leveraging its premier-quality built-in expertise platforms. DualityBio has raised greater than $120 million since its institution in January 2020. Main traders within the earlier spherical embody King Star Capital, WuXi Biologics, 6 Dimensions Capital, and different funding establishments. The funds raised on this spherical might be primarily used for conducting preclinical analysis, scientific trials, and increasing pipeline via strategic in-licensing, out-licensing and analysis collaborations globally.
Develop Novel Modality Drug to Meet Unmet Medical Wants
Specializing in the sector of oncology and autoimmune ailments, DualityBio has developed a novel inside pipeline of practically 10 Finest-in-Class and First-in-Class bispecific antibodies (BsAbs) and Antibody-Drug Conjugate (ADC) medication, to satisfy the unmet medical wants for sufferers worldwide. The corporate has efficiently developed the next-generation ADC platform with world mental property rights. The worth of the platform has been totally validated with a number of drug candidates beneath preclinical improvement. DualityBio will proceed to develop and enrich its novel modality drug platforms via inside R&D and exterior collaborations. The corporate has constructed up a robust and extremely skilled worldwide staff with confirmed observe document in preclinical analysis, scientific improvement, and world enterprise improvement.
Dr. John Zhu, founder and CEO of DualityBio mentioned: “I’m very grateful for the popularity and robust assist from the highest traders within the trade, and I respect very a lot our extremely productive staff for his or her unremitting efforts. The booming of biotechnology makes it doable to develop novel modality medication, which isn’t solely a chance but additionally our mission. The unmet wants of sufferers demand new therapeutic options. DualityBio is dedicated to be the chief of novel modality drug builders, and we’ll proceed to develop revolutionary and breakthrough therapies, to reside as much as sufferers’ expectations.”
“We maintain robust conviction of revolutionary therapeutics for oncology and autoimmune ailments, which provide enormous market potential and fulfill the unmet medical wants worldwide. Corporations with really distinctive capabilities in innovation and globalization will stand out, and DualityBio is clearly one in all such firms.” Dr. Yi Shi, the Founding Managing Associate of LAV, commented, “As a veteran of greater than 20 years within the trade, John has each wealthy trade expertise and nice acuity for funding. He has efficiently established and incubated quite a lot of biotech firms. Inside simply over one yr, DualityBio has not solely established a world-class staff with deep trade insights and wonderful execution capabilities, but additionally cast a globally aggressive drug improvement platform with a really robust pipeline. LAV will supply sustained assist for DualityBio to turn out to be a worldwide chief within the trade!”
Dr. Chris Chen, CEO of WuXi Biologics, mentioned: “ADC has emerged as an thrilling therapeutic modality which attracts growing funding from prescription drugs and ventures. WuXi Biologics has established the built-in expertise platforms for ADC, which permits world companions to develop revolutionary biologics leveraging our in depth experience and capability. We’re glad to allow DualityBio to expedite the ADC improvement with decrease value as they try to construct sturdy biologics pipeline.”
Xianghong Lin, the Founding Associate of King Star Capital, remarked: “John isn’t solely a superb investor but additionally an organization builder within the biotech trade. We have now labored collectively and helped a number of biotech startups shortly attained their “0” to “1” transformations, and efficiently listed as public firms on the capital market. As an investor within the early stage of DualityBio, we consider in John’s proactive, revolutionary entrepreneurial spirit and wealthy trade expertise, and can proceed to assist the corporate’s future development.”
About Duality Biologics
“To Translate Novel Modality into Actuality”. Duality Biologics was based in January 2020 by Dr. John Zhu, a well-respected investor within the healthcare trade. DualityBio is dedicated to creating novel modality medication to satisfy the unmet medical wants for sufferers worldwide. Specializing in the oncology and autoimmune ailments, the corporate has constructed a novel inside pipeline together with practically 10 Finest-in-Class and First-in-Class bispecific antibody and Antibody-Drug Conjugate (ADC) medication, of which a number of drug candidates are within the IND stage. The corporate has efficiently constructed the next-generation ADC platform with world mental property rights. The worth of this platform has been validated by quite a lot of drug candidates beneath improvement.
The corporate has a world staff positioned in China and america, with confirmed observe document within the subject of novel drug analysis, scientific improvement and world enterprise improvement. The worldwide scientific improvement staff has led scientific trials for greater than 50 oncology and immunology medication, and facilitated the approval of 5 revolutionary medication in China and america. The worldwide enterprise improvement staff has led and executed greater than 20 strategic world in-licensing, out-licensing and M&A collaboration offers, with a complete valuation of greater than $5 billion. DualityBio will proceed to develop and deepen the prevailing pipeline and R&D platform, each via inside R&D effort and strategic exterior collaborations.
About Lilly Asia Ventures
Lilly Asia Ventures (LAV) is a number one biomedical enterprise capital agency based in 2008, with places of work in Shanghai, Hong Kong, and Menlo Park. LAV’s imaginative and prescient is to turn out to be the trusted companion for distinctive entrepreneurs in search of sensible capital and to construct nice firms creating breakthrough merchandise that may deal with ailments and enhance human well being.
About Wuxi Biologics
WuXi Biologics (inventory code: 2269.HK), a Hong Kong-listed firm, is a number one world open-access biologics expertise platform providing end-to-end options to empower organizations to find, develop, and manufacture biologics from idea to business manufacturing. The corporate’s historical past and achievements exhibit its dedication to offering a really one-stop service providing and robust worth proposition to its world shoppers.
As of March 22, 2021, there have been a complete of 361 built-in tasks, together with 190 tasks in pre-clinical improvement stage, 137 tasks in early-phase (part I and II) scientific improvement, 32 tasks in late-phase (part III) improvement and a couple of tasks in business manufacturing. With complete estimated capability for biopharmaceutical manufacturing deliberate in China, Eire, the U.S., Germany, and Singapore round 430,000 liters after 2024, WuXi Biologics will present its biomanufacturing companions with a strong and premier-quality world provide chain community.
WuXi Biologics views Environmental, Social, and Governance (ESG) as an integral element of its ethos and enterprise technique and has established an ESG committee led by the CEO to extend the effectivity whereas advancing dedication to sustainability.
About King Star Capital
King Star Capital was established in 2017, because the USD funding automobile of Kington Capital. Its core administration staff has been specializing in personal fairness and enterprise capital funding, and amassed greater than 20 years practising expertise in financing for the event of expertise firms and industries, with plentiful profitable funding instances. The fund managed by King Star Capital is targeted on funding in revolutionary bio-tech firms.
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SOURCE Duality Biologics