On February 5, 2017 Abbisko Therapeutics Co., Ltd. reported the successful completion of its series A round financing at $28 million (Press release, Abbisko Therapeutics, FEB 5, 2017, View Source;article_id=70 [SID1234556289]). This round was led by Lilly Asia Ventures and followed by Sinopharm Capital, Jianxin Capital, and TF Capital.

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The fund raised in this round will be used to support new drug research of Abbisko Therapeutics Co., Ltd. (hereinafter referred to as Abbisko), including setting up a new drug R&D center, building an innovative drug R&D team and establishing antitumor drug R&D pipelines.

Abbisko is a new innovative biopharmaceutical company established in Zhangjiang of Shanghai. The company’s founding members previously held significant R&D leadership and management positions in several Fortune 500 pharmaceutical companies (Novartis, Johnson & Johnson, Merck, Eli Lilly and AbbVie) and China’s leading pharmaceutical companies (Hengrui and Hansoh). They have extensive project leadership and team management experience in novel drug development and clinical trials. Abbisko will focus on unmet needs of patients especially those of Chinese patients, follow international standards for new drug development, and dedicate itself to the research and development of innovative therapeutics with global intellectual property rights.

Dr. Yao-chang Xu, Abbisko’s founder, board chairman and CEO, commented on this round of financing: "We are gratified that several of the world’s leading investment institutions participated in this very important round of financing. We are a new but highly experienced drug development team. The investors agree with our strategy and philosophy. As a result, our team can set sail quickly and seize the opportunities brought by the rapid development of biotech sector in China. We’ll work hard to bring more revolutionary treatment solutions to suffering patients as soon as possible."

Mr. Aimin Wu, Sinopharm Capital’s president and partner, said: "At present, China’s innovative drug R&D are in a golden age of development. Abbisko has established a top-notch R&D team with a fast growing cutting-edge product pipelines. Sinopharm fully recognize and appreciates Abbisko’s R&D strength and supports its direction. Led by Dr. Yao-chang Xu, Abbisko is capable of becoming a super star company in the biomedical sector. Sinopharm is honored to participate in the establishment and development of Abbisko, helping domestic biomedical companies to compete with international innovative enterprises."

With Abbisko’s successful establishment and completion of this round of investment, an important new force has risen for China’s innovative drug R&D.