GBB Completes USD$3.8M Convertible Note Financing Led by Alibaba Hong Kong Entrepreneurs Fund
HONG KONG, Feb. 23, 2021 /PRNewswire/ -- Great Bay Bio Holdings Limited (hereinafter referred to as "GBB") today announced it has completed a USD$3.8M Convertible Note Financing. Alibaba Hong Kong Entrepreneurs Fund (hereinafter referred to as "AEF") led the investment round with participation from existing investors including Futec Financial Group (an affiliate of HeungKong Group), Fengde Capital, and other new investors. The investment will mainly be used to support the commercialization of two GBB self-developed platforms, namely Klone4.0™, an AI-enabled cell line development platform, and AlfaMedX®, an AI-enabled cell culture media development platform. The company also plans to use the new funding to develop new AI platforms, as well as bolster its senior management team.
Upholding the vision of "Making Global Drug Biologics Development Simpler and More Efficient", Great Bay Bio is an AI-enabled biotech company that develops AI technology platforms to reduce development timelines, cost and risk of biotechnology products, such as biopharmaceuticals and cell therapy. Recently, GBB has attained the titles of National "High-Tech Enterprise" twice in a row by the National High-Tech Enterprise Certification Management Leading Group Office, the "The Sprouts List Most Valuable Enterprises for Investment in China for the Year 2020" by the Zero2IPO Group, and the "the Top 50 Innovative Biotechnology Companies in Guangdong-Hong Kong-Macao Greater Bay Area Award 2020" by ZDVC RESEARCH and KPMG China and hosted by the Guangdong Medical Valley.
Klone4.0™ enables precise selection of high yielding monoclone within 1 day and cell line stability prediction within 2 weeks. Therefore, the development time and cost are substantially reduced compared to traditional methodologies of cell-line development, a key step in biopharmaceutical CMC (Chemistry, Manufacturing, and Control) development. Given the significant improvements, GBB has partnered with over 10 domestic and multi-national companies since Klone4.0™'s official launch in October 2020. GBB is also developing AlfaMedX®, an AI-enabled platform that can quickly develop customizable formulation of cell culture media in a short time, expecting to launch as early as 1st quarter 2021.
"We are pleased to support GBB that seeks to exploit more advanced technology, including AI, to empower a faster and more cost-effective biopharmaceutical development. With such improvements, we hope more new and affordable therapies can be brought to market for the benefit of the society," said Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund.
About Great Bay Bio
Headquartered in Hong Kong, GBB is a high-tech enterprise dedicated to applying artificial intelligence and other cutting-edge technologies to CMC (Chemistry, Manufacturing, Control) for development of biopharmaceuticals and other blue ocean bio-products (such as cell therapy), ultimately solving numerous pain points of CMC development, including high failure rates, long development timeline and high costs. Since the company's establishment, it has obtained massive data from conventional biologics development in its 3100 m2 CMC facilities in Dongguan, PRC. With over RMB 300M investment, the facilities bolster advance equipment from world-renowned manufacturers. GBB has also successfully brought a number of biologic products to NDA stage, some of which are classified as national class I innovative drugs. Currently, the company has created the intelligent centralized database, where deep learning is being performed to create next generation AI-enabled CMC platforms. To learn more, please visit http://www.greatbay-bio.com.
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SOURCE Great Bay Bio
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