Adagene Inc., a Suzhou Industrial Park, China-based antibody discovery and development company, raised $28m in Series B funding.
The round was led by GP Healthcare Capital with participation from new investor New World TMT and current investors Eight Roads Ventures China (formerly Fidelity Growth Partners Asia), F-Prime Capital (formerly Fidelity Biosciences) and WuXi Corporate Venture Fund.
The company intends to use the funds to advance multiple programs into clinical proof of concept, as well as to continue discovery efforts.
Led by CEO and co-founder Dr. Peter Luo, a serial entrepreneur with expertise in antibody discovery and engineering, Adagene is utilizing its proprietary dynamic precision library technology (DPL) to drive discovery and development of pioneering new medicines. The company is now involved in creating a pipeline of innovative mono-specific and bi-specific antibody therapeutics focused on antigens for its internal pipeline, and for its collaborations with international pharmaceutical and biotechnology companies in North America, Europe, and China.