VMS Group has completed Series B investment in Blissbio, a leading biotech focusing on innovative ADCs
Bliss Biopharmaceutical (Hangzhou) Co., Ltd. (“Blissbio”) announces the completion of over 400 million CNY Series-B financing round. The financing was led by GL Ventures, the venture capital unit of Hillhouse Capital, with participation from Cormorant Asset Management, VMS Group and Heda Biopharmaceutical Venture Capital. The series B financing round was also supported by existing investors, Sherpa healthcare Partners and Oriental Fortune Capital.
Blissbio is at a critical stage to realize the leapfrog in development. The current round of financing brings together China, United States, and Hong Kong’s top-tier investment institutions to further enhance the shareholder structure, secure ample funding for research and development, and better the Company’s core competitiveness in the field of antibody-drug conjugate (ADC). Proceeds from the financing will be used to advance the Company’s clinical development, expediate R&D and regulatory submission of projects in the pipeline and construction of a new manufacturing center. Blissbio will continue to deep dive into the development and clinical application of ADC drugs, providing patients-in-need with safer and more efficacious innovative drugs and tackling clinical unmet needs.
Regarding to this round of financing, Managing Director of VMS Asset Management and Head of Healthcare, Andrew Ng, commented “Leveraging external collaboration and its globally competitive and proprietary R&D know-how to advance innovation in the field of antibody-drug conjugate, Blissbio has become one of the most innovative biotech companies in China. We look forward to the Company’s clinical breakthrough providing new ADC therapeutics options to more patients. With the Company’s pledged mission to improve human health using all available resources, we look forward to providing our full support to be a value-adding partner alongside in building this leading global biopharmaceutical.”
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