Boston, USA and Guangzhou, China-based biotech company focusing on medicine for oncology and autoimmune diseases, Allorion Therapeutics, raised USD 50 million in Series B. The round took place on March 9, 2023. Ince Capital and Qiming Venture Partners led the financing for the company. Meanwhile, T.F. Capital, Long River Investment (LRI), 3SBio, Octagon Capital, and Elikon Venture joined in the funding.
Purpose of financing for Allorion Therapeutics
With the latest capital injection, Allorion Therapeutics seeks to support its upcoming Phase I/II clinical trials in both China and the U.S. and the identification of clinical candidates for additional programs.
Meanwhile, the company has plans to advance its established and validated early discovery platform technologies, including an allosteric inhibitor screening platform and a platform for the discovery of synthetic lethality targets and molecules. In addition, Allorion intends to further build world-leading clinical development and business development teams.
What the company’s officials have to add
Peter Ding, Allorion’s co-founder and CEO, said, “We sincerely appreciate the recognition of and support from both new and existing investors who participated in this round of financing. Since its launch in July 2020, Allorion has established wet labs in both Boston and Guangzhou and currently has a strong R&D team of more than 50 full-time employees. In just two and a half years, the company has advanced two small molecules to the IND stage in both China and the U.S. Our highly innovative technology platforms have generated first-in-class small molecule programs with immense clinical and commercial value, some of which have progressed to the clinical candidate selection stage.”
He further added, “Allorion is also actively pursuing collaboration and co-development opportunities with several global pharma companies, who have shown great interest in our programs at this year’s JPM conference, demonstrating a global recognition of our innovation. Upholding a science- and data-driven R&D strategy, we will continue to fully leverage our team’s capabilities, platforms, and funds to advance clinical development and address unmet medical needs for patients.”
What the investors have to add
JP Gan, the founding partner of INCE Capital, said, “With outstanding industry experience and excellent execution, Allorion has built and validated several world-leading early discovery platforms for next-generation precision medicines, including an allosteric inhibitor screening platform, a synthetic lethality target and molecule discovery platform, and an AI-enabled drug design platform. The team has also successfully advanced two molecules discovered by these platforms to the IND stage. We look forward to the clinical data of its leading assets and believe that the company’s platforms will continue to generate highly innovative pre-clinical candidates to address significant unmet medical needs and serve patients around the world.”
In addition, Kan Chen, Partner at Qiming Venture Partners said, “Allorion team consists of industry veterans from well-known biopharmaceutical companies such as Novartis, Merck, and Eli Lilly, who boast rich experience in small molecule drug discovery. The team has advanced two molecules to the clinical stage and verified the company’s allosteric inhibitor and synthetic lethality screening platforms, demonstrating its strong execution capability. We are very much looking forward to the clinical data, additional high-quality drug candidates generated by the company’s technology platforms, and its collaboration with international and Chinese pharma, driving more innovations valuable to human health.”
Wei Cheng, Managing Director of T.F. Capital, further said, “It’s very impressive that Allorion built a strong team with global competitiveness in just two and a half years. T.F. Capital is proud to support Allorion from the angel round all the way through the B financing round and is happy to witness the company deliver exciting results one after another. Successfully entering the clinical stage is a critical milestone. We look forward to Allorion’s continued progress in early drug discovery, clinical studies, and business collaboration, ultimately benefiting patients all around the world.”
About the company
Qiang Ding 2020 launched the company. Allorion Therapeutics is a clinical-stage biotech company focusing on next-generation precision medicine for oncology and autoimmune diseases.
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