HifiBio, a US-based biopharmaceutical company focusing on cancer and autoimmune diseases, has closed an oversubscribed $37.5m series B round featuring Legend Star Capital, an investment vehicle for conglomerate Legend Holdings.
Venture capital firm Sequoia China and life sciences investment firm Lyfe Capital co-led the round, which also included VI Ventures, Nest.Bio Ventures and Proxima Ventures.
HifiBio is working on therapeutic antibodies that will use the body’s own immune system to tackle cancer and autoimmune diseases. It is also pursuing open innovation partnerships with industry and academia, and will put the funding toward advancing development of its drug candidates.
The company recently opened facilities on three continents and is expanding its drug development team. It had previously raised an undisclosed amount in series A funding from VI Ventures and Nest.Bio Ventures, though further details could not be ascertained.
Liang Schweizer, HifiBio’s co-founder and CEO, said: “With our oversubscribed series B funding, expanded drug development team and new facilitates on three continents, HifiBio Therapeutics is now poised to generate breakthrough immune modulators to address unmet medical needs around the world.
“Our rapid pipeline progression is supported by our leadership’s commitment to open innovation generating new biological insights from multiple collaborations with leading global academic institutions and biopharmaceutical companies.”