Pumisi Biological Announces Closure of a New Funding Round

According to VCBeat, Pumisi Biological a biopharmaceutical company backed by HighLight Capital, has announced the closure of the third round of financing, led by New Alliance Capital with participation from the new investor Hanne Capital and existing investors HighLight Capital, Shiyu Capital and Huajin Capital.

Founded in 2018, Pumisi Biological has developed more than 10 national first-class biological drugs, including monoclonal and bispecific antibodies for treating tumors, metabolic diseases, and so on. According to its plan, five innovative drugs are expected to enter the clinical stage by the end of 2021. At the same time, Pumisi Biological will actively seek strategic cooperation in order to accelerate the R&D of new drugs.

"Over the past two years, with the support of investors and local governments, and the joint efforts of the team, Pumisi Biological has made smooth progress in product development, R&D facilities construction, team building and other aspects, and successfully achieved all the goals set," Liu Xiaolin, the President of Pumisi Biological, said, "We are pleased that the company's achievements and growth potential have been recognized by new investors such as Lianxin Capital. We have completed three rounds of financing, and this is the largest one. All the funds will be used to support the development of new drugs and the operation of the company."

"We have been supporting Pumisi Biological since its establishment," said Ms. Jiang Yanye, a representative for HighLight Capital. We are delighted and relieved to see what Pumisi has achieved over the past two years. We will continue to do everything we can to support and help its growth in the future."

New Alliance is one of China's leading investment firms with AUM of RMB 10 billion across 6 funds. Founded in 2008 in Shanghai, New Alliance has developed domain expertise and insight into the industries of focus, such as TMT and healthcare.

Founded in 2017, Hanne Capital is a healthcare venture capital fund focusing on growth opportunities in Greater China. The Founding Partners are industry veterans with years of senior leadership experience in leading private equity fund or world-renowned multinationals in biotech, pharma and medtech, who have deployed over US$330 million into a number of companies.