Akeso Biopharma, a China-based biotechnology producer backed by human resources firm Qianhai Xino, has raised RMB300m ($45m) in a series B round led by GTJA Investment Group, China Money Network reported today.
Shenzhen Capital Group Co, Qianhai Fund of Funds and TriWise Capital also contributed to the funding round.
Founded in 2012, Akeso is working on antibody drugs for inflammation, autoimmune and cardiovascular diseases as well as cancer. The company has 25 products in its pipeline, seven of which are due to enter clinical trials and two of which are already undergoing clinical studies.
The series B funding will go towards the building of a drug manufacturing facility in China. The cash will also support the continued research and development of drugs.
Akeso secured RMB130m in a series A round in 2015 from Qianhai Xino, Shenzhen Capital Group and CCB Principal Capital Management.
Cai Dajian, chairman of GTJA Investment, said: “Akeso is one of the leading innovative drug developers in China, and its technology has been recognised by the world’s top five pharmaceutical giants.
“The company has a large product pipeline, including the first broad-spectrum cancer antibody in China. We believe Akeso will greatly influence the Chinese antibody industry in the future.”