On May 19, 2021 Duality Biologics (DualityBio or Company), an innovative biotech company, reported the completion of $90 million series B financing (Press release, Duality Biologics, MAY 19, 2021, View Source [SID1234596828]). This round of financing was led by Lilly Asia Ventures (LAV) and jointly invested by YUNION Healthcare Fund, Huagai Capital, NRL Capital, Green Pine Capital Partners, and Oriza Holdings, etc. Series A investor WuXi Biologics (2269.HK) continued to increase its stake in this round to accelerate DualityBio’s R&D progress leveraging its premier-quality integrated technology platforms. DualityBio has raised more than $120 million since its establishment in January 2020. Major investors in the previous round include King Star Capital, WuXi Biologics, 6 Dimensions Capital, and other investment institutions. The funds raised in this round will be mainly used for conducting preclinical research, clinical trials, and expanding pipeline through strategic in-licensing, out-licensing and research collaborations globally.
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Develop Novel Modality Drug to Meet Unmet Medical Needs
Focusing on the field of oncology and autoimmune diseases, DualityBio has developed a novel internal pipeline of nearly 10 Best-in-Class and First-in-Class bispecific antibodies (BsAbs) and Antibody-Drug Conjugate (ADC) drugs, to fulfill the unmet medical needs for patients worldwide. The company has successfully developed the next-generation ADC platform with global intellectual property rights. The value of the platform has been fully validated with several drug candidates under preclinical development. DualityBio will continue to expand and enrich its novel modality drug platforms through internal R&D and external collaborations. The company has built up a strong and highly experienced international team with proven track record in preclinical research, clinical development, and global business development.
Dr. John Zhu, founder and CEO of DualityBio said: "I am very grateful for the recognition and strong support from the top investors in the industry, and I appreciate very much our highly productive team for their unremitting efforts. The booming of biotechnology makes it possible to develop novel modality drugs, which is not only an opportunity but also our mission. The unmet needs of patients demand new therapeutic solutions. DualityBio is committed to be the leader of novel modality drug developers, and we will continue to develop innovative and breakthrough therapies, to live up to patients’ expectations."
"We hold strong conviction of innovative therapeutics for oncology and autoimmune diseases, which offer huge market potential and fulfill the unmet medical needs worldwide. Companies with truly exceptional capabilities in innovation and globalization will stand out, and DualityBio is clearly one of such companies." Dr. Yi Shi, the Founding Managing Partner of LAV, commented, "As a veteran of more than 20 years in the industry, John has both rich industry experience and great acuity for investment. He has successfully established and incubated a number of biotech companies. Within just over one year, DualityBio has not only established a world-class team with deep industry insights and excellent execution capabilities, but also forged a globally competitive drug development platform with a very strong pipeline. LAV will offer sustained support for DualityBio to become a global leader in the industry!"
Dr. Chris Chen, CEO of WuXi Biologics, said: "ADC has emerged as an exciting therapeutic modality which attracts increasing investment from pharmaceuticals and ventures. WuXi Biologics has established the integrated technology platforms for ADC, which allows global partners to develop innovative biologics leveraging our extensive expertise and capacity. We are glad to enable DualityBio to expedite the ADC development with lower cost as they strive to build robust biologics pipeline."
Xianghong Lin, the Founding Partner of King Star Capital, remarked: "John is not only an excellent investor but also a company builder in the biotech industry. We have worked together and helped multiple biotech startups quickly attained their "0" to "1" transformations, and successfully listed as public companies on the capital market. As an investor in the early stage of DualityBio, we believe in John’s proactive, innovative entrepreneurial spirit and rich industry experience, and will continue to support the company’s future growth."