Oncology Company Avistone Biotechnology Secures Approximately USD$140 Mn Series B Funding Round. The funding round was jointly led by SDIC CS Capital and IDG Capital, with participation from Yanchuang Capital and Cathay Capital. Existing shareholder Bain Capital continues to make additional investments.
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The funding round is to support clinical research and development of the Avistone pipeline, including studies involving internal combinations and drug monotherapy; to expedite the screening of novel molecules; to support clinical studies and expansion in the United States of America; and to support the commercialization of PLB1001 (Vebreltinib) in China. Avistone has developed a commercial sales and marketing team in China that services hundreds of commercial businesses and retail stores, approximately 1,000 hospitals, and 25 provinces.
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Dr. Hepeng Shi, founder, chairman and CEO of Avistone Biotechnology, said: “We thank our Series B investors for trusting and investing in Avistone. This very important financing will support the commercialization of our recently approved molecule, PLB1001 (Vebreltinib), in MET Exon 14 Skipping Non-Small Cell Lung Cancer (NSCLC) and will provide funding for our pipeline. We will continue to pursue our vision to become a leading biotechnology company with a deep pipeline and focus on innovation. We aspire to be highly trusted by the patients and families that we serve along with the physicians, practitioners, and scientists that we work with.”
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SDIC states: “We are pleased to lead the B-round financing for Avistone. The Company has demonstrated impressive execution capabilities and has led effective translational medical work. We firmly believe that the company will continue to produce more clinically advanced innovative products in the future. We are committed to collaborating closely with the Avistone team to foster the company’s growth, ultimately benefiting patients and contributing to the advancement of China’s innovative pharmaceutical industry.”
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IDG Capital noted that, “We believe that the demand for better products is a prevailing trend in the biopharmaceutical industry, and Avistone has consistently aimed for and practiced this goal. Dr. Shi’s team swiftly achieved breakthroughs from 0 to 1 in product development, showcasing strong execution and product layout capabilities. Additionally, we have high expectations for Avistone’s outstanding commercialization capabilities. We believe that in the future, Avistone can achieve more innovative breakthroughs, and IDG Capital is committed to ongoing support, contributing to the advancement of the innovative pharmaceutical industry alongside Avistone.”
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Jonathan Zhu, Partner and Co-Head of Asia Private Equity at Bain Capital, expressed that “We are delighted to witness Avistone’s breakthroughs in targeted oncology drug development, positioning itself as a leading domestic innovative pharmaceutical enterprise with successful ventures into Class 1 innovative drugs. We have observed the growth and development of Avistone and have strong confidence in the company’s research and development capabilities, execution efficiency, and pipeline layout strategy. Our continued investment in Avistone underscores our belief in Dr. Shi’s leadership and his team’s ability to efficiently develop groundbreaking innovative biopharmaceuticals. This establishes them as a pioneering platform for tumor-targeted drug innovation rooted in China and globally oriented”.
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About Avistone Biotechnology
Avistone is an oncology company focused on developing innovative therapies for patients with significant unmet medical needs globally. Avistone has an extensive pipeline of targeted therapies including two clinical-stage drug candidates and several ongoing programs in the pre-clinical development stage.
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