China-based Innoforce Pharmaceuticals raises $96m in Series A round
Innoforce Pharmaceuticals, a Chinese biopharmaceutical innovation and partnership company, has raised CNY625 million ($96 million) in a Series A financing round.
The Series A round was co-led by South China Venture Capital (SCVC) and Yanchuang Capital. Existing investor Quan Capital Management, which led the Pre-A financing round, and others, also took part in the funding round.
In June 2020, Innoforce Pharmaceuticals had raised $24 million in the Pre-A financing round.
Xuejun Li – Vice president of South China Venture Capital said: “We are very pleased with the opportunity to invest in Innoforce and their unique business model. We believe their ground-breaking approach to biopharmaceutical product development will prove very successful.”
Innoforce Pharmaceuticals will use proceeds from the Series A round to advance the development of its campus in Hangzhou, China. The Hangzhou campus provides global GMP biomanufacturing capabilities, which includes setting up its cell and gene therapy manufacturing capabilities, along with the monoclonal antibody manufacturing facility via a partnership with US-based Thermo Fisher Scientific.
According to Innoforce Pharmaceuticals, the first stage of construction of its Hangzhou campus is anticipated to be completed by the end of this year, with staged GMP operations to begin next year.
Dr. Yuling Li – Innoforce Pharmaceuticals CEO said: “We look forward to expanding our manufacturing platforms for gene and cell therapy as well as monoclonal antibody products for China and the world, and to bringing a variety of technologies to the campus, and to the creation and support of innovative product development companies.”