China-based vaccine developer Rec-Biotechnology secured more than RMB1.5bn ($227m) yesterday in a series B round featuring Legend Holdings, the venture capital firm formed by conglomerate Legend Holdings, DealStreetAsia reported.
Lyfe Capital, Sequoia Capital China, Vertex Ventures China, Haitong Securities subsidiary HT Capital, Co-Stone Asset Management, YuanBio Venture Capital, Tsing Song Capital and China Everbright also took part, according to a WeChat post by financial adviser Life Venture.
Founded in 2012 and also known as Abzymo Biosciences, RecBio is working on vaccines for human papillomavirus (HPV), which can trigger cervical cancer, as well as shingles and tuberculosis.
The proceeds from the round will support clinical trials for vaccine candidates including a possible covid-19 candidate and potential vaccines for HPV. RecBio is also planning to strengthen its core technology, grow its product pipeline and expand internationally.
The company had previously raised approximately $73.5m in a January 2019 series A round backed by CR Capital Management, an affiliate of government-owned conglomerate China Resources, as well as Oriental Fortune Capital.
