CMAB raises $34 million in series B financing
On March 20 CMAB Biopharma Inc. (CMAB) held a grand opening, where it signed collaboration agreements with several leading biopharmaceutical companies.
On April 2CMAB announced that it raised $34 million in series B financing.
With remarkable development speed and located in Suzhou’s BioBAY, CMAB has become a global leading full-service contract development and manufacturing organization (CDMO) providing process development and manufacturing services for biologics products.
The round is being led by CD Capital, and jointly participated by C-Bridge Capital, Cormorant, Qianhai FoF Fund and Tigermed. The funding proceeds will be used to upgrade CMAB’s Phase II Good Manufacturing Practices (GMP) facilities, boasting 50L/200L/500L/1,000L/2,000L bioreactor scale GMP manufacturing, purification and filling pipelines. It will provide CDMO services for global biopharmaceutical enterprises in manufacture of Phase I and II clinical products.
CMAB will provide full services from the establishment of cell lines, the development of manufacturing process, analytical method, formulation, to the manufacture of biological drug substances and products. Upholding the global GMP standards, including those of the China Food & Drug Administration, US Food & Drug Administration (21 CFR), European Medicines Agency (Eudralex), WHO, and harmonized PIC/S and ICH standards, CMAB will provide pre-clinical and early-stage clinical (Phase I/II) products for domestic and foreign clients as its initial service aim.
During the company’s grand opening on March 20, CMAB announced that it had signed collaboration agreements with several leading biopharmaceutical companies, demonstrating its clients’ affirmation to its technical capability.
President of CMAB.
The closing of this round is an important milestone for CMAB and it reflects its significant potential in CDMO industry. We aim to provide our clients and team expertise with efficiently and advanced products from concept to the clinic, developing the company into a preferred CDMO partner. This financing furthers our vision to become a global leading fully-integrated CDMO platform providing clinical and commercial production services to the domestic and the international biologics markets. Mr. Tan Qing and Dr. Hu Xiaofang, founding partner and managing director of CD Capital, said:
“CMAB has presented its excellent business model and team resources to the market. It is riding on its professional teams to provide high-quality services for innovative drug development companies as well as help them marker their new drugs in a short period of time. CMAB’s mission is to enable clients to take their future innovative concepts medicines from DNA to clinical product today. This is in line with CD Capital’s investment strategy. We are delighted to lead this financing and we believe CMAN will promote a new round of reform in domestic CDMO industry
About CD Capital:
Founded in 2013, CD Capital is a private equity firm focusing on healthcare. It is currently managing multiple USD and RMB funds, with over RMB 4 billion asset under management. CD Capital is operated by a professional team with diversified and profound industry background. It has invested in more than 30 high-potential companies and realized multiple exits. CD Capital leverages global technology and China’s industrial development opportunities in servicing enterprises and investors
C-Bridge Capital is a healthcare company, focusing on growth and late stage investment opportunities and currently it manages US$800 million of assets under management. Its current portfolio includes China’s leading enterprises in pharmaceuticals, medical devices, diagnostics, and healthcare services. C-Bridge Capital is committed to supporting commercialization of cutting edge technologies and companies that fulfill unmet medical needs, thus continuously improving the standard and service quality for patients.
CMAB is located in BioBAY, a biomedical Industry park in Suzhou clustering more than 460 high-tech startups covering the fields of innovative drug research and development, medical devices and biological technology. Despite being less than a year old, CMAB has quickly developed itself into a force in CDMO industry. It has cooperated with more than 20 clients and is expected to provide 50L/200L/500L/1,000L/2,000L GMP clinical sample manufacturing and filling services in September. In January, 2018, CMAB completed series A financing of $38 million led by C-Bridge Capital and participated by I-Bridge Capital and Qianhai FoF Fund.