Qiming leads $40m round for Allorion Therapeutics

IDG Capital, Octagon Capital, Firstred Capital, and Elikon Venture came in as new investors, while existing investors TF Capital and Med-Fine Capital re-upped.

Founded in 2020, Allorion focuses on small molecule drugs for cancer and autoimmune diseases. It aims to leverage cutting-edge technologies to make precision medicine more precise and accessible to more patients.

The proceeds will be used for preclinical work including applications for investigational new drug (IND) approvals in China and the US. The company also plans to enhance its clinical and business development teams. It currently has R&D capabilities in Boston and Guangzhou.

Meanwhile, Allorion will increase investment in its drug discovery platform, which systematically screen for inhibitors and compounds to discover and develop highly selective small molecules. This approach expands the scope of targeted therapies for cancer patients, according to a statement.

“There are huge unmet medical needs for autoimmune disease and cancer therapy globally. Based on data mining and an in-depth understanding of disease biology, Allorion focuses on the early discovery and development of precision medicines. We hope to support Allorion to grow into a globally-recognized company and improve patients’ life quality,” Kan Chen, a principal at Qiming, said.

Recent activity in this space includes Abbisko Therapeutics raising HK$1.75 billion ($225 million) in an October IPO. Qiming is one of the largest institutional investors in Abbisko with a 6.92% stake. The company, which focuses on small molecule precision oncology and immuno-oncology treatments, has 14 drug candidates, five of which are in clinical trials.

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• Topics
• Greater China
• Early-stage
• Healthcare
• Technology
• China
• Pharmaceuticals
• Qiming Venture Partners
• IDG capital
• Firstred Capital