HiFiBiO Therapeutics lands $37.5 mln Series B


HiFiBiO Therapeutics, a biotherapeutics company, has raised $37.5 million in Series B funding. Sequoia China and LYFE Capital led the round with participation from VI Ventures, Nest.Bio Ventures, Legend Star Capital and Proxima Ventures.

PRESS RELEASE

CAMBRIDGE, Mass.–(BUSINESS WIRE)–HiFiBiO Therapeutics, a world leader in the discovery of therapeutic antibodies through single-B-cell screening and analysis, today announced the completion of a $37.5 million Series B financing round and the company’s transformation into a multinational biopharmaceutical enterprise with an experienced management team, stronger global presence and rich pipeline of novel antibody drugs to treat cancer and autoimmune disorders.

“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,” said HiFiBiO Therapeutics President and CEO, Liang Schweizer, PhD. “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.”

Series B Financing
The $37.5 million Series B financing was led by Sequoia China and LYFE Capital. The financing round was also supported by existing Series A investors, VI Ventures and Nest.Bio Ventures, as well as new investors, Legend Star Capital and Proxima Ventures.

“We have found HiFiBiO Therapeutics was compelling as an investment due to its unique combination of deep-rooted biological expertise and truly disruptive single-B-cell cloning technology,” said Lynn Yang, Managing Director of Sequoia China. “This combination could more effectively bring new solutions to fight and ultimately, cure devastating diseases.”

“We are very excited about HiFiBiO Therapeutics’ long-term growth trajectory,” said James Zhao, MD, Founding Partner at LYFE Capital. “The company has an experienced management team, a proven technology platform and a clear ability to generate a robust and sustainable pipeline of novel antibodies for complex diseases and diverse tumor types.”

Proven Leadership Team
HiFiBiO Therapeutics made its first step towards becoming an innovative therapeutics company by appointing a new management team of experienced industry veterans. Dr. Schweizer brings more than 30 years of experience in biomedical research and drug discovery and development. She previously held senior management roles in cancer research at Sanofi and Bristol-Myers Squibb. New Chief Operating Officer, Jeff He adds more than 20 years in corporate finance, strategy and operations. He was previously an Executive Vice President at ChemPartner. Dr. Schweizer and Mr. He worked together previously and co-authored a paper published in Drug Discovery Today that promoted a similar open innovation model that HiFiBiO Therapeutics employs today. In addition, the HiFiBiO Therapeutics management team includes two original founders of HiFiBiO Inc. Colin Brenan, PhD, will continue to serve as the Chief Commercial Officer and Fred Dom assumes a new role as the Chief Financial Officer.

Expanded Global Footprint and Innovative Drug Pipeline
HiFiBiO Therapeutics currently has more than 50 full-time employees operating out of three facilities in the USA, France and China. Both the laboratories in Cambridge, Mass. and Hangzhou, China are located within the Nest.Bio Ventures incubator facilities. The company continues to establish multiple strategic partnerships with leading pharmaceutical and biotechnology companies to drive an innovative pipeline of antibody drugs that leverage its proprietary single-B-cell functional antibody discovery CelliGOTM platform.

About HiFiBiO Therapeutics
HiFiBiO Therapeutics is an emerging multinational biotherapeutics company mobilizing the human immune system to combat disease. The company integrates deep-rooted biological expertise with our comprehensive single-cell profiling technologies to rapidly discover and advance a pipeline of antibody drugs to treat cancer and autoimmune disorders. In addition, HiFiBiO Therapeutics aspires to benefit patients through open-innovation partnerships with industry and academia. For more information, please visit www.hifibio.com.

PE Hub Healthcare Wire delivers private equity and M&A healthcare deal activity, fundraising news, people moves, regulatory updates and much more every Thursday. Subscribe now! It’s FREE.

Find new deal opportunities, super-charge your fundraising efforts and track top managers with VCJ. Get your FREE trial! Or subscribe now!

PE Hub Healthcare Wire delivers private equity and M&A healthcare deal activity, fundraising news, people moves, regulatory updates and much more every Thursday. Subscribe now! It’s FREE.