December 28, 2019, Shanghai, China, Elpiscience Biopharma announces the completion of Series B financing of 100 million USD. The round was led by Hyfinity Investments, with participation from Tencent, GTJA Investment Group, Dyee Capital, Oriza Holdings, Ming Bioventures, WisdoMont, Parkway Global and others. Existing investors, including Lilly Asia Ventures, Hillhouse Capital Group, and CDH Investments continued to invest in this round of financing. The proceeds from Series B will primarily be used to advance highly innovative immunotherapy candidates such as ES101, ES102 and ES002 through pre-clinical and clinical development. The Company will also use these funds to expand its innovative product pipeline through internal discovery and global partnering.
Elpiscience is a biopharmaceutical research and development company that strives to lead the next revolution of cancer immunotherapies. Built on its deep understanding of tumor biology and immunology, and with its highly efficient execution capabilities, Elpiscience has developed a globally competitive pipeline of 12 products in just two years, which is highly recognized not only by institutional investors but also by the commercial banks. Two weeks ago in Suzhou, Elpiscience announced the signing of a 150 million RMB collaboration with two major banks, Bank of China and Agricultural Bank of China. The fund will be used to establish Elpiscience's GMP manufacturing capabilities. This signifies a major milestone of Elpiscience towards late stage and commercial development of antibody therapeutics.
Dr. Darren Ji, Elpiscience’s co-founder and CEO, commented, “We are pleased to be recognized by top investors during this round of financing. Their trust is truly appreciated, especially in this challenging year of private investment. We are particularly grateful towards Hyfinity Capital for their leading role and warmly welcome many other seasoned investors who participated in this Series B round. The participation of these top-notch investors greatly empowers us to continuously pursue the exciting journey of developing innovative drugs. We will stay committed to carefully exploring new scientific discovery towards finding effective therapies for cancer patients.”
Dr. Sylvia Xin He, Hyfinity Investments’ Managing Partner, commented, “Elpiscience has a deep understanding of immunotherapy and focuses on the truly global innovative targets. The team at Elpiscience excels in execution, international collaboration, and innovative drug discovery and research in the field of tumor immunology. The rapid progress from preclinical to clinical development, the establishment of an integrated R&D team and the system, and their global network and collaboration with leading academic institutions and industry partners testify to the team’s strength. Immunotherapy is one of the vertical foci for Hyfinity Investments, a field that we have already deeply cultivated for the last two years. We are honored to join and support Elpiscience in its pursuit of innovative cancer immunotherapy and Hyfinity is committed to assisting Elpiscience in its great endeavors.”
Elpiscience is a clinical-stage biopharmaceutical company focusing on cancer immunotherapy. The company is committed to leading the next generation of cancer immunotherapies for the benefit of cancer patients worldwide. Elpscience has a pipeline of more than 10 innovative molecules with its most advanced asset, ES101, already in clinical trials. Elpiscience’s innovations cover a wide range of immunology targets with a focus on innate immunity and tumor microenvironment. China Renaissance is financial advisor for Elpiscience.
About Hyfinity Investments:
Hyfinity Investments is led by senior partners from top-tier investment institutions in China, with years of experience in healthcare investment, local operation, and overseas licensing. Hyfinity Investments is devoted to advancing global innovations and leveraging advantages in China, including the high unmet needs and rich clinical resources in China. Hyfinity aims to foster industry leaders through the convergence of global resources.