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China's Biomissile secures $28m Series B

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  • Larissa Ku
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Suzhou-based Biomissile has raised CNY 200m (USD 28m) in a Series B funding round led by Kequan Capital. Existing investor Fosun Health Capital re-upped.

Kequan Capital was launched by Anji Economic Development Zone in Zhejiang province, which has backed several investment funds.

Founded in 2020, Biomissile focuses on innovative macromolecule drugs, especially antibody-based drugs. It has an R&D lab in Shanghai and is currently building a production base in Suzhou, according to a statement.

Biomissile's drug pipeline includes treatments for tumours and autoimmune conditions. The company is also working on fully human bispecific nanobodies. Bispecific nanobodies comprise two nanobodies targeting different antigens. They often feature in cancer therapies targeting T cells.

As of 2022, Biomissle had eight drugs in development, of which three were entering the investigational new drug (IND) stage. Some of the new funding will be used to push all three into phase-one clinical trials this year.

Fosun Health Capital led a CNY 25m Series A for Biomissile in 2020. Fosun Health Capital was established the same year as Fosun Pharma's first VC fund. The vehicle closed on CNY 1.5bn in early 2021, according to the firm’s website.

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