HiFiBiO Therapeutics Closes $75 Million Series D Financing to Accelerate Pipeline With Two Lead Immuno-Oncology Programs and Validate Its DIS Approach in the Clinic
HiFiBiO Therapeutics, a multinational biotechnology company with unique expertise in immune modulation and drug intelligent science, announced the completion of an oversubscribed $75M Series D financing round. The funding was led by the new investor Mirae Asset Financial Group. Further, B Capital Group, Sherpa, Maison Capital, Trinity Innovation Fund, Grand Mount, and HKSTP Venture Fund also participated in this round. The existing shareholders IDG, Sequoia, Legend Star, and Hengxu continued to invest.
HiFiBiO Therapeutics will use the proceeds from the financing to advance two lead antibody oncology assets into Phase I clinical trials – HFB200301, a novel anti-TNFR2 antibody and HFB301001, a differentiated second generation anti-OX-40 antibody. The company will leverage its Drug Intelligent Science (DIS) platform which combines deep-rooted biological expertise, single-cell science, and advanced data intelligence tools to enhance the probability of success of these two trials as well as future trials. Additionally, the company will continue to advance multiple pipeline programs through discovery and clinical development.
“Since the close of our last round, the company has achieved significant milestones, including the rapid development of HFB30132A, a SARS-CoV-2 neutralizing antibody into Phase I trial (NCT04590430) and the successful launch of IND-enabling studies and biomanufacturing activities for antibodies against multiple novel immuno-oncology targets,” said Liang Schweizer, PhD, President and CEO of HiFiBiO Therapeutics. “In addition, we remain fully committed to the advancement of our pioneering DIS™ approach for identifying disease relevant targets, high quality antibody therapeutics, as well as to validate our biomarker hypothesis in the clinical setting. We appreciate the backing from investor communities around the world who resonate with our vision to take this powerful drug discovery and development engine to the next level.”
With the new round, Ryan Jeong from Mirae Asset Capital will be joining the company’s Board of Directors. “Mirae Asset strives to invest in breakthrough ideas and innovative teams in the life science industry,” said Ryan. “Based on their most recent successful partnerships and demonstrated ability to rapidly advance a sustainable pipeline of innovative therapeutics, we are excited to support HiFiBiO Therapeutics as they pioneer the way immunotherapies are developed and delivered to each and every patient.”