Chi­nese on­col­o­gy start­up Ada­gene clos­es $50M Se­ries C led by Se­quoia Cap­i­tal

It’s been a busy week for biotech news com­ing out of Chi­na, and the lat­est fi­nanc­ing round doesn’t break the trend. VC firm Se­quoia Cap­i­tal Chi­na is back­ing Chi­nese an­ti­body plat­form com­pa­ny Ada­gene — which has a pipeline of ear­ly-stage on­col­o­gy pro­grams — in a $50 mil­lion round.

The Se­ries C will fu­el the de­vel­op­ment of an­ti­body ther­a­peu­tics for part­ner com­pa­nies and for Ada­gene’s own in­ter­nal pipeline. The com­pa­ny is keep­ing its tar­gets un­der wraps, but did dis­close that all six pre-clin­i­cal and dis­cov­ery-stage pro­grams are in the field of on­col­o­gy.

Pe­ter Luo

“The funds from this round of fi­nanc­ing will be used to ad­vance nov­el an­ti­body ther­a­peu­tics in­to hu­man tri­als across the globe,” said the com­pa­ny’s co-founder and CEO Pe­ter Luo in a state­ment. “The an­ti­bod­ies dis­cov­ered from our Dy­nam­ic Pre­ci­sion Li­brary plat­form en­able trans­la­tion­al re­search of our ther­a­peu­tic leads on the in­tact im­mune sys­tem of high­ly pre­dic­tive pre­clin­i­cal mod­els.”

Join­ing Se­quoia Chi­na in the round were New World TMT, AVIC Trust, King Star Cap­i­tal, and Go­pher As­set Man­age­ment, among oth­er in­vestors.

Ada­gene, found­ed in 2011, pre­vi­ous­ly raised over $36 mil­lion from in­vestors in­clud­ing F-Prime Cap­i­tal, Eight Roads Ven­tures Chi­na, and 6 Di­men­sions Cap­i­tal.

Neil Shen

Neil Shen, found­ing and man­ag­ing part­ner of Se­quoia Chi­na, said Ada­gene’s as­set re­flects “the in­no­va­tion orig­i­nat­ed from Chi­na.”

“By lead­ing the in­vest­ment round, Se­quoia Chi­na aims to help pro­vide Ada­gene with the abil­i­ty to dri­ve long term growth, as well as bet­ter the dis­cov­ery of nov­el an­ti­bod­ies and next gen­er­a­tion ther­a­peu­tics through the con­tin­ued pro­duc­tiv­i­ty of its dis­cov­ery en­gine,” Shen said.

Ada­gene HQ lo­cat­ed in biotech park, BioBay, in Suzhou, Chi­na. ADA­GENE

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Roger Perlmutter needs no introduction to anyone remotely involved in biopharma. As the R&D chief first at Amgen and then Merck, he’s built a stellar reputation and a prolific career steering new drugs toward the market for everything from cancer to infectious diseases.

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The DCT-OS: A Tech­nol­o­gy-first Op­er­at­ing Sys­tem - En­abling Clin­i­cal Tri­als

As technology-enabled clinical research becomes the new normal, an integrated decentralized clinical trial operating system can ensure quality, deliver consistency and improve the patient experience.

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UP­DAT­ED: Pfiz­er hits the brakes on their piv­otal tri­al for a BC­MA/CD3 bis­pe­cif­ic on safe­ty con­cerns while FDA road­block is hold­ing up Duchenne MD PhI­II

Pfizer’s ambitious plan to take a Phase II study of its BCMA CD3-targeted bispecific antibody elranatamab (PF-06863135) and run it through to an accelerated approval has derailed.

The pharma giant said in a release this morning that they have halted enrollment for their MagnetisMM-3 study after researchers tracked three cases of peripheral neuropathy in the ongoing Phase I. They are now sharing info with the FDA as they explore the red safety flag.

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Matt Gline (L) and Vivek Ramaswamy

Vivek Ra­maswamy and Matt Gline swoop in­to Nas­daq on the wings of Jim Mom­tazee's SPAC with a $7B-plus Roivant de­but ready to do some deals

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FDA ex­tends re­search agree­ment with MIT-li­censed or­gan-on-chip sys­tems

The FDA on Wednesday extended its four-year agreement with CN Bio, a developer of single- and multi-organ-on-chip systems used for drug discovery, for another three years.

CN Bio said the scope of the research performed by the FDA’s Center for Drug Evaluation and Research has expanded to include the exploration of the company’s lung-on-a-chip system to help with the agency’s evaluation of inhaled drugs, in addition to the agency’s work on its liver model.

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A recent update to the FDA’s running tally of how it’s meeting its user fee-related performance goals during the pandemic shows an agency that is not out of the woods yet.

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Kelli Luginbuhl and Ashutosh Chilkoti

Start­up sets out to tack­le the gene ther­a­py man­u­fac­tur­ing cri­sis

After Kelli Luginbuhl finished her PhD, her advisor, Duke bioengineer and PhaseBio co-founder Ashutosh Chilkoti, sat her down and asked if she wanted to launch and then run a company. Chilkoti had a once-obscure technology he and the venture capitalist Joe McMahon thought could form the basis of his second company and finally pay huge dividends. Luginbuhl knew the tech from years in his lab and was already looking for biotech jobs. It all added up.

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Vik Ba­ja­j's start­up in­cu­ba­tor at Fore­site un­cloaks an im­munol­o­gy play­er with a lead TYK2 in­hibitor in tow

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Josh Bilenker, Endpoints JPM 2020

Josh Bilenker and Jeff En­gel­man bun­dle a moth­er lode of cash for their stealthy start­up, at­tract­ing a who's who of biotech in­vestors

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