RemeGen recently announced the closing of approximately USD $100 million in a private financing co-led by Lilly Asia Ventures and Lake Bleu Capital. This round of investment is supported by well-known global institutional investors such as Vivo Capital, Janchor Partners, OrbiMed, Hudson Bay Capital and the company’s existing investors. Loyal Valley Capital and China Reform Conson Soochow Overseas Fund also invested through the purchase from existing shareholders.
RemeGen is a leading biopharmaceutical company with fully integrated capabilities in research and discovery, clinical development, manufacturing and commercialization of biologic drugs. Founded in 2008, RemeGen is focused on the research and development of innovative biologics in the therapeutic areas of autoimmune, cancer and ophthalmology diseases. In 12 years, the company has built a prolific pipeline of over 10 innovative molecules with 2 molecules, spanning 5 disease indications, in Phase III or pivotal trials in China. RemeGen currently has one new drug application filed in China.
“It is a great honor to receive the recognition and support from the top investment institutions in the biomedical space,” said Jianmin Fang, Ph.D., founder and CEO of RemeGen. “Reaching this funding milestone will allow us to further pursue our vision of developing biologics of the future. Through research, development, manufacturing and commercialization of novel biologics – most notably monoclonal antibodies (mAb) and antibody-drug conjugates (ADCs) – RemeGen aims to fulfill the unmet medical needs of patients everywhere facing conditions such as autoimmune diseases and cancer, bringing us one step closer to the future of medicine.”
This funding will support RemeGen’s early stage drug discovery platform, continued development of the company’s R&D pipeline and the expansion of its manufacturing facilities. The proceeds of the financing will also advance the commercialization efforts of RemeGen’s two lead molecules, RC18 (telitacicept) and RC48. Telitacicept is a fusion protein with a new drug application filed in China for systemic lupus erythematosus (SLE). It is also currently in Phase II or Phase III trials for 6 other autoimmune disease indications. RC48, a HER2 ADC for the treatment of various solid tumors, is currently in pivotal clinical trials for gastric and urothelial cancers.
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“We are honored to lead this round of funding,” says Dr. Fei Chen, Managing Partner of Lilly Asia Ventures. “As a long-term investor, we look forward to partnering with RemeGen to become a leading global biopharmaceutical. We believe that the biologic drugs innovated by RemeGen will continue to benefit patients at home and abroad.”
Source: Biospace
