RemeGen Completes USD $100 Million Plus in Funding
Funds Will Support Clinical Trials and Commercialization for its Autoimmune, Oncology and Ophthalmology Pipeline
YANTAI, China, April 2, 2020 /PRNewswire/ -- 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.
"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."
About RemeGen
RemeGen, Ltd. ("RemeGen") is a leading biopharmaceutical company in China dedicated to fulfilling unmet medical needs for patients with life-threatening conditions. RemeGen's main focus is research and development, manufacturing and commercialization of novel biologics, most notably monoclonal antibodies (mAb) and antibody-drug conjugates (ADCs). Headquartered in Yantai, Shandong Province, China, RemeGen has labs/offices in Beijing and California. Since its inception in 2008, RemeGen has created more than 10 novel drug molecules that are in various stages of clinical development. Currently, there are two products in late stage clinical development to treat autoimmune and oncology indications.
For more information about RemeGen, please visit: www.remegen.com
About Lilly Ventures Asia
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Palo Alto. Our vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that can treat diseases and improve human health.
About Lake Bleu Capital
Lake Bleu Capital is an investment platform that specializes in healthcare in Asia/Greater China. As one of the largest healthcare public equity funds in Asia, the USD public equity fund under Lake Bleu Capital has won multiple industry-leading performance awards for the region of Asia ex-Japan. Meanwhile, Lake Bleu Capital has also focused on private equity investments in the Chinese healthcare industry, successfully completing multiple investments in flagship innovative companies across different healthcare subsectors.
About Vivo Capital
Founded in 1996, Vivo Capital is a healthcare investment firm focused on investing in and building high quality companies. Vivo employs a unique multi-dimensional strategy to identify companies with great potential or work with companies with promising products or with commercial stage products. Since inception, the firm has raised over $4 billion in capital and backed over 200 private and public portfolio companies. Vivo Capital is headquartered in Palo Alto, California, with offices in Beijing, Shanghai, Hong Kong, and Taipei.
Janchor Partners
Established in 2009, Janchor Partners is a long-term industrialist investor with over US$5 billion in assets under management, partnering with companies that have superior business models, favorable growth prospects and the potential to be part of long term positive structural dynamics of Asian countries and economies. As a genuine thought partner with its investee companies, Janchor Partners helps to increase long-term corporate value and builds strong long-term relationships with investee companies. Janchor Partners' mission as an Industrialist Investor is anchored by its purpose to have a lasting impact through deep relationships by building insight and trust. This virtuous cycle of impact, insight and trust can produce win-win-win holistic outcomes that create long-term sustained value.
About OrbiMed
Founded in 1989, OrbiMed has been investing globally for over 20 years across the healthcare industry: from early-stage private companies to large multinational corporations. Our team of over 80 distinguished scientific, medical, investment and other professionals manages over $13 billion across public and private company investments worldwide. OrbiMed invests across the global healthcare industry, from seed-stage venture capital to large publicly traded companies. Investments are made in one of three strategies: public equity, private equity, and private credit/royalty.
About Hudson Bay Capital
Hudson Bay Capital "HBC" is a multi-billion-dollar asset management firm operating in New York and London. With over 80 employees, HBC has been managing assets on behalf of outside investors since 2006. The firm invests across multiple strategies by utilizing rigorous fundamental analysis and seeks to identify value and growth opportunities that are uncorrelated to each other and market indices.
HBC promotes an integrated team culture emphasizing collaboration and cross-pollination of ideas across sectors and strategies. Our dedicated investment team seeks to achieve outstanding performance by investing in companies that are poised for growth or are undervalued while maintaining a focus on risk management.
Forward-Looking Statements
Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the possible utility or application of the Company's technologies to develop therapeutic agents, therapeutic potential of investigational agents, and future development activities including clinical trials. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the difficulty and uncertainty of pharmaceutical product development, including the risks that RemeGen, Ltd. may experience delays in its planned clinical trial initiations or otherwise experience failures or setbacks in its preclinical and clinical development programs due to the potential lack of efficacy or risk of adverse events as RemeGen, Ltd.'s product candidates advance in development or other factors. These factors include those discussed in RemeGen, Ltd.'s public reports are available by contacting Dan Ross at [email protected]. RemeGen, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE RemeGen, Ltd.
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