Suzhou-headquartered biotechnology firm Tot Biopharm has raised $102 million in Series B funding round backed by China Universal GP Ltd and several domestic and foreign investors.
In a statement, Tot Biopharm said the funding round was also participated by investors who joined in earlier rounds, including Center Laboratories Group, Vivo Capital, Chengwei Capital, Yuanta Financial Holdings Group, and Cathay Capital.
The company, which focuses on the R&D, manufacturing and marketing of high-end anti-tumor drugs, said the fresh funds will be used to accelerate development of its key pipelines.
The company now has over 10 drugs in the R&D stage, including three biologics and three small molecules, which have received investigational new drug application (IND) approvals, as well as one antibody-drug conjugate (ADC), which is expected to receive approval soon.
“In the future, we will also utilize the existing advantages of our established platforms to expand multi-perspective partnerships and cooperation at different levels, so that the benefits of resource integration will be maximized,” said Tot Biopharm general manager Gloria Huang.
Tot Biopharm recently announced results of the Phase I clinical trial (double-blind, head-to-head pharmacokinetics and safety comparisons) of Bevacizumab biosimilar, TAB008, at ASCO 2018, demonstrating that both in pharmacokinetics and safety indicators, TAB008 shows high similarity to Avastin®.
TAB008 is now in Phase III clinic trial, and, in terms of progress, TOT BIOPHARM is among the top three firms in China competing to get the drug on market.
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“The financing will further accelerate the progress of TAB008’s Phase III study, as well as other R&D programs. The IND application for TAA013, an ADC, submitted by TOT BIOPHARM, is currently in the review process,” the company said.
The firm is in the process of ramping up production of its third-generation innovative oncolytic virus drug TVP211. Combined with its domestically leading BSL-2 certified virus manufacturing plant, TOT BIOPHARM plans to further accelerate the development program, taking a leadership position in this promising technology sector. – BusinessNewsAsia.com