Innoforce Pharmaceuticals (“INF”), a biopharmaceutical innovation and partnership company, announced today the completion of a 625M CNY ($96M) Series A financing, which follows a 170M CNY ($24M) Pre-A financing completed in June 2020.
The Series A financing was co-led by South China Venture Capital (SCVC) and Yanchuang Capital with additional investment from existing investor Quan Capital Management, who led the Pre-A financing round, and others. China Renaissance acted as the exclusive financial advisor in the transaction.
Innoforce welcomes to the Board of Directors KWING-MING TSOI from SCVC and Zeng Liu from Yanchuang Capital.
“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,” said Xuejun Li, Vice president of SCVC.
“I am gratified that our investment will expedite the clinical development and commercialization of novel therapeutics and facilitate the establishment of infrastructure to support exciting partnerships. We have confidence in the deep expertise and proven track record of the Innoforce leadership team to deliver these results,” said Tao Lin, Managing Director of Yanchuang Capital.
Proceeds will advance the development of INF’s campus in Hangzhou, China, where the company offers global GMP biomanufacturing capabilities, including the establishment of its cell and gene therapy manufacturing capabilities, along with the monoclonal antibody manufacturing facility through a partnership with Thermo Fisher. The company’s business model facilitates the development and commercialization of innovative medicines in China, the US, Europe, and the rest of the world on behalf of clients and partners. Innoforce will continue to build its ecosystem of partnerships through fit-for-purpose support for product development, operations management, and general support for entrepreneurial companies.
“We’ve been most impressed with the expertise and execution capabilities demonstrated by the seasoned leadership team at Innoforce. We are excited to support the company in its strategic expansion and are pleased to have additional high-quality investors committed to the company,” said Dr. Marietta Wu, Managing Director of Quan Capital.
Dr. Yuling Li, Innoforce CEO, further commented, “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.”
The first phase of construction of the Innoforce campus in Hangzhou is expected to be delivered by the end of 2021, with staged GMP operations in 2022. In the meantime, the off-campus process development laboratories and support space will open in May 2021. Central to the campus is the Innoforce development capability in process and analytical technologies, as well as a CDMO, with GMP manufacturing capabilities for plasmid DNA, viral vectors, and cell and gene therapy products. In addition, the campus houses a biopharmaceutical manufacturing facility that supplies monoclonal antibody and protein drugs globally through Thermo Fisher Biopharma Services (Hangzhou) LTD, a joint venture between Innoforce and Thermo Fisher.