Biocytogen, the China-based developer of an antibody drug discovery platform, has closed a RMB970m ($142m) series D-plus round featuring China Life Investment, a vehicle for insurance provider China Life, DealStreetAsia reported today.
The round was led by CMB International, a subsidiary of financial services firm China Merchants Bank, and included the state-owned SDIC Venture Capital, 3E Bioventures Capital, Cowin Capital and Baifu Capital filled out the round.
Founded in 2009, Biocytogen is working on cancer treatments and provides preclinical antibody drug discovery, gene editing and animal and cell model services.
The series D-plus funding will be used to support the company’s goal of producing fully human antibodies from mice. The cash will also support Biocytogen in seeking partnerships with additional pharmaceutical firms in China and internationally to help commercialise its drugs.
The company secured $77m in an August 2019 series D round co-led by China Life’s Healthcare Fund and SDIC Venture Capital that included CMB International, 3E Bioventures Capital and Biocytogen’s management team.
The round came after Biocytogen received $65m in series C funding in 2018, according to an earlier report from China Money Network – though DealStreetAsia placed the size of the round at $60m.
CMB International led the series C round, which was also backed by SDIC Venture Capital, 3E Bioventures, Cowin Capital and Oriza Holdings.
China Gaoxin Investment had led a series B round of undisclosed size for the company in 2015 that also featured SDIC. BioVeda China had supplied an undisclosed amount of series A funding three years earlier.
