Qiyu Biotechnology（Qiyu Bio） has announced the completion of tens of millions yuan in series A financing, jointly invested by Jundu Investment and Wosheng Capital. This round of financing will be mainly used for the pre-clinical development of major projects.

“Innovation is the beginning and future of Qiyu Bio, and it is the core driving force of enterprise development. Qiyu Bio will use the first-class antibody technology platform to build superior biopharmaceutical pipelines and explore the field of biotherapy to make a difference. With the development and improvement of our company, Qiyu will have core competitiveness in more fields," said Qu Xiangdong, the founder of Qiyu Bio. 

"As the latest cancer treatment, cancer immunotherapy will continue to change the basic pattern of cancer treatment. This field is a hot spot for new drug development in recent years. Qiyu Bio is an excellent new drug research and development company. The team has deep technical accumulation in the research and development of antibody drugs (especially bispecific antibodies) and has considerable advantages in target selection and antibody structure design. As the product line balance both innovation and success rate, it fully reflects the advantages of product differentiation under the premise of reducing risks," said Cao Zheng, one of the partners in Wosheng Capital.

"Dr. Qu Xiangdong, the founder of the company, has worked in the world's top pharmaceutical companies such as Amgen, Eli Lilly, and Hengru. He is engaged in the research and development of antibody drugs for many years, having a profound and unique understanding of biomedical research and development. Also, team members led by Dr. Qu have worked together for many years, having rich experience and solid technology in antibody-drug design, biological function evaluation, and CMC development. What’s more, the team is fully prepared for industrialized production to lay the foundation for future success," Cao Zheng added.

According to public information, Qiyu Bio was established in July 2017. It is a company specializing in the research and development of innovative macromolecular biopharmaceuticals. The company is registered in the Shanghai Free Trade Zone and has received angel investment. The goal of Qiyu Bio is to develop new therapeutic drugs for patients with refractory cancer, autoimmune diseases and metabolic diseases at home and abroad. The company has several technology platforms for antibody drug development, including phage display, hybridoma technology, and single domain antibody, etc.

Before returning to China, Qu Xiangdong, the co-founder of Qiyu Bio, worked for Eli Lilly and Amgen in the United States. After returning to China, he helped domestic pharmaceutical companies such as Hengrui and Yangzijiang to establish antibody-drug research and development platform and led the current clinical research in China. Qi Yu Biology currently has several drugs in research. Now, he is planning to complete the preclinical study of the first batch of projects in the next 3 years and applied for clinical experiments.

Wosheng Investment is a fund focused on the biomedical field. The team members have relevant professional backgrounds and years of experience in the pharmaceutical industry and investment. The company has invested in a number of star companies in China and the United States in the fields of innovative medicine, cell therapy, and gene editing.