EDBI joins US$220m funding for China bio-pharma player

I-Mab will use the fund to further develop its pre-clinical and clinical assets.

EDBI backed the $300m (US$220m) Series C funding led by Hony Capital for I-Mab Biopharma that will be used to develop the firm's pre-clinical and clinical assets, an announcement revealed.

With China Renaissance as the sole financial advisor for the deal, other firms including Hillhouse Capital, HOPU Investments, CDH Investments, Ally Bridge Group C-Bridge Capital and Tasly Capital also joined the funding round.

“This round of financing will facilitate further development of our innovative assets in China and internationally”, I-Mab CEO and founder Dr. Jingwu Zang said.

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The firm received US$150m in a Series B funding in March 2017.

I-Mab’s focus is on discovery and development of First-in-Class and Best-in-Class biologics in the areas of immuno-oncology and immuno-inflammation. It is preparing to initiate clinical trials in China and the US.