HiFiBiO Therapeutics receives $67m in Series C funding

IDG Capital led the round. It was joined by existing investors Sequoia Capital China, VI Ventures, Legend Star Capital and Lyfe Capital. New backers included Delian Capital, Hanne Capital, and US biotech player Gilead Sciences. IDG's Tiger Hu will join the HiFiBio board.

There are three main treatments for cancer: radiation therapy that kills cancer cells; molecular interference intended to stymie the spread of the disease; and immunotherapy, which mobilizes the immune system. HiFiBio falls into the latter category, developing antibodies that modulate the immune system. It has 10 drug candidates in its pipeline, of which several have demonstrated proof of concept in animal models.

The company - which has bases in China, the US and Europe - uses a single-cell antibody screening system to rapidly identify molecules that can potentially form the basis of treatments. It can be applied broadly to mine the immune repertoire from patient samples, picking out biomarkers and stratifying patients quickly but comprehensively, CEO Liang Schweizer said in an interview.

In addition to working at Sanofi, Schweizer co-founded Harbour Biomed, a Chinese cancer treatment specialist that last year received a $85 million Series B round. Jeff He, HiFiBio's COO, is another Harbour Biomed alumnus. Before that, he worked for TPG Capital in China and participated in the take-private of ShangPharma.

Schweizer said in a statement that the fresh funding will be used to expand the single-cell platform and accelerate drug development. China Renaissance served as HiFiBio's exclusive financial advisor for the Series C.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Healthcare
• Expansion
• China
• IDG capital
• Sequoia Capital
• Legend Capital
• Lyfe Capital
• Pharmaceuticals