Sumgen Biotech Closes ￥220M Series B financing

According to PEdaily.cn, Sumgen Biotech has completed a Series B funding round worth 220 million yuan, led by Addor Capital. The latest round was also co-led by Cowin Capital and Sinowisdom Investment, with additional support from BOCOM International, Shanghai Haoshuo Investment and Dynamic Capital.

The funds raised will be used to promote the clinical trials of the existing pipeline and accelerate the construction of the antibody production base in Hangzhou.

Sumgen Biotech specializes in the development of innovative antibody drugs for major diseases, including anti-PD-1 SG001, anti-CD38 SG301, and the SIRPα-antibody fusion proteins SG404.

Founded in 2015 and headquartered in Hangzhou, Sumgen Biotech has cooperated with some well-known organizations such as HK-listed pharmaceutical company CSPC Group and East China University of Science and Technology. It has also set up research centers in Beijing, Guangzhou, and Hangzhou.

Sumgen Biotech has a professional team with rich experience in the development and industrialization of new antibody drugs and a number of academicians and experts to serve as its "Scientific Committee". It has established a series of platforms for R&D and drug industrialization and built a rich pipeline including more than 10 candidates around the field of oncology. A number of best-in-class drugs are in the clinical and pre-clinical research stage. 

Prior to this round of financing, Sumgen Biotech closed four rounds from Harmony Investment, state-owned Sinopharm's subsidiary CNBG, CCB Capital, and Xiamen Jinfeng Energy Technology.

Addor Capital offers investment services by financing early-stage ventures and holding securities of other companies. By August 2020, Addor Capital has invested and supported 888 start-ups with an AUM of 109.7 billion yuan. It focuses on the investments in clean technology, healthcare, new materials, advanced manufacturing, consumer services, culture and TMT.

Cowin Capital Group was established in 2000  and has invested more than 300 companies, of which 60 more became public companies, and 150 more successfully exit. It focuses on investing in pioneering enterprises with steady developmenton long-term basis.