Innoforce Completes Second Tranche of Series A Financing
HANGZHOU, China, Dec. 6, 2021 /PRNewswire/ -- Innoforce ("INF"), a biopharmaceutical manufacturing & development company, announced today the completion of a 1 billion CNY ($156.6M) Series A financing, with the closing of an additional 375M CNY ($58.7M) following the first tranche of 625M CNY ($96M) completed in March 2021.
The Series A financing round was co-led by Yanchuang Capital and South China Venture Capital (SCVC) with additional investment from existing investor Quan Capital Management. In the most recent tranche, Yanchuang Capital increased its investment and additional investors joined, including Advantech Capital, Triwise Capital, CICC Capital, Highrun Capital, Euland Venture, S&G CAPITAL and others.
Proceeds will advance INF's GMP biomanufacturing capabilities, including establishing its cell & gene therapies capacity and additional investment in the development of an RNA manufacturing platform. The financing will also support the continued advancement of biopharmaceutical R&D facilities at INF's campus, which will be a platform to create tailored partnerships with entrepreneurial scientists & companies for drug development, operations management, and support services.
"We are extremely proud of the near completion of the first phase of construction of the Innoforce campus in Hangzhou and our progress towards planned, staged GMP operations in the coming year. Our fundraising activities have enabled establishing our joint venture with biologics manufacturing, opening our process development laboratories, and building our team," said Dr. Yuling Li, CEO of Innoforce. "We are thankful for the tremendous support from our investors and appreciate the confidence they have placed in our team."
"Cell, gene & RNA therapies represent among the greatest opportunities for breakthrough innovation in the biomedical field. We are thrilled to support Innoforce in building a unique platform that will help partners realize the potential of these & other technologies to transform the way we treat diseases," said Ms. Liu Zeng, CEO of Yanchuang Capital.
Mr. Benjamin Yumin Qiu, Head of Healthcare investment at Advantech Capital., further commented, "We are pleased to support the Innoforce team as they establish their manufacturing & development capabilities that will make them a strong partner enabling innovation of advanced cell, gene, RNA & biologic therapies."
About Innoforce
Innoforce is a partnership-focused biopharmaceutical company established to enable and accelerate the innovation of breakthrough medicines. The company has world-class biopharmaceutical manufacturing and development capabilities to serve global markets at our campus in Hangzhou, China, and offices in Rockville, Maryland. Innoforce offers end-to-end contract development and manufacturing service (CDMO), including GMP manufacturing of plasmid DNA, RNA, viral vector, and cell products by the middle of 2022. In addition, through a joint venture with a leading international supplier of life sciences products & services, the company provides CDMO services for antibody and protein drugs. Innoforce's enabling capabilities for incubating and developing cell, gene, and advanced biological therapies can support partners and portfolio companies to rapidly and efficiently bring cutting-edge treatments that impact patients' lives worldwide. More information is available at www.innoforcepharma.com.
Innoforce Contact:
Ken Carter
Head of Global Corporate Development
Phone: +1 240-421-3838
E-mail: [email protected]
Website: www.innoforcepharma.com
SOURCE Innoforce Pharmaceuticals
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