China-based Innoforce Pharmaceuticals completed a $96M million Series A financing, which follows a $24 million pre-A financing completed in June 2020.
The Series A financing was co-led by South China Venture Capital (SCVC) and Yanchuang Capital with additional investment from existing investor Quan Capital Management, which led the pre-A financing round, and others. Kwing-Ming Tsoi from SCVC and Zeng Liu from Yanchuang Capital will joining Innoforce’s board of directors.
Proceeds will be used to advance the development of Innoforce’s campus in Hangzhou, China, where the company offers global GMP biomanufacturing capabilities, including the establishment of its cell and gene therapy manufacturing operations, along with the monoclonal antibody bioprocessing facility through a partnership with Thermo Fisher.
Innoforce will continue to build its ecosystem of partnerships through fit-for-purpose support for product development, operations management, and general support for entrepreneurial companies, according to Yuling (Elaine) Li, the company’s CEO.
“We look forward to expanding our manufacturing platforms for gene and cell therapy as well as monoclonal antibody products for China and the world, and to bringing a variety of technologies to the campus, and to the creation and support of innovative product development companies,” she said.
The first phase construction of the Innoforce campus in Hangzhou is expected to be delivered by the end of 2021, with staged GMP operations in 2022. In the meantime, the off-campus process development laboratories and support space are expected to open this May.
Central to the campus is the Innoforce development capability in process and analytical technologies, as well as a CDMO, with GMP manufacturing capabilities for plasmid DNA, viral vectors, and cell and gene therapy products, explained Li.
“In addition, the campus houses a biopharmaceutical manufacturing facility that supplies monoclonal antibody and protein drugs globally through Thermo Fisher Biopharma Services (Hangzhou) Ltd., a joint venture between Innoforce and Thermo Fisher,” she added.