China-based biotechnology company Adagene has raised $28m in a series B round featuring WuXi Corporate Venture Fund and New World TMT, the respective investment arms of biopharmaceutical company WuXi PharmaTech and conglomerate New World.
The round was led by GP Healthcare Capital and featured Eight Roads Ventures China and F-Prime Capital, both investment subsidiaries of financial services conglomerate Fidelity Management and Research.
Founded in 2011, Adagene is developing a range of antibody therapeutics, both internally and in partnership with other pharmaceutical firms in China, North America and Europe.
The series B capital will go towards the advancement of several programs to the clinical proof of concept stage and the discovery of further drug candidates.
WuXi Corporate Venture Fund, Eight Roads and F-Prime had already provided $8m for Adagene’s 2014 series A round.