Inmagene Biopharmaceuticals closed $21 million Series B financing, making the total raised to date over $40 million
SHANGHAI, Nov. 8, 2020 /PRNewswire/ -- Inmagene Biopharmaceuticals ("Inmagene"), announced today that it had closed a $21 million Series B financing, led by Vertex Ventures China, and co-invested by Panacea Venture, Kunlun Capital, SCVC and a few other investors. The Series B financing will be mainly used to conduct global clinical trials, research and development, and product in-licensing activities. To date, Inmagene has raised over $40 million financing.
Inmagene is a leading drug development company focused on immunology-related therapeutic areas. Its management team has strong global experience and is deeply rooted in China. In prior experience, the team members in-licensed over 30 global products for China, led research and development for over 20 NDAs, obtained market approvals in 28 countries, gained 6 INDs in China and the United States, and played important roles in the founding of Zai Lab (NASDAQ: ZLAB), I-Mab (NASDAQ: IMAB) and Apollomics.
Inmagene's pipeline is driven by two "engines". First, Inmagene in-licenses clinical-stage foreign products which fit China, and, together with its overseas partners, carries out global multi-center clinical trials . Also, Inmagene utilizes China's cost-efficient resources to develop drugs with best-in-class potentials. It has initiated four innovative programs for validated drug targets. IMG-20, Inmagene's most advanced drug candidate, is about to enter the global registration trials for multiple indications.
"We are grateful to Vertex, Panacea, Kunlun, SCVC and other investors for their strong support," said Dr. Jonathan Wang, Chairman and CEO of Inmagene. "This financing should help strengthen Inmagene's leading position in immunology drug development in China."
Mr. Tay Choon Chong, Managing Partner at Vertex Ventures China, said, "We are honored to participate in Inmagene's Series B financing as the lead investor. The development of drugs for immunology-related diseases is still a 'blue ocean' in China. Inmagene has made an early breakthrough in this field and has established a strong R&D pipeline. It is a great pleasure to partner with Dr. Jonathan Wang and grow with Inmagene. We believe that, with strong innovative capabilities and a broad global vision, Inmagene will be able to develop more globally competitive products to meet patients' needs.
About Inmagene Biopharmaceuticals
Inmagene, with wholly owned subsidiaries in Shanghai, Hangzhou and Beijing, is one of the leading companies in immunology drug development in China. Its product pipeline includes drug candidates with first-in-class or best-in-class potentials, among which IMG-020 is about to enter global registration clinical trials for multiple indications.
For additional information about Inmagene Biopharmaceuticals, please visit www.inmagenebio.com
About Vertex Ventures China (VVC)
Vertex Ventures is a leading global VC firm with its headquarters in Singapore. With both USD and RMB funds, totaling over $1.5 billion under management, VVC is a part of Vertex's global network of funds. Focused on healthcare, deep tech and new digital economy, VVC has been named "China's TOP 20 Healthcare VC firms of 2019-2020" by 36Kr.
For more information, please visit www.vertexventures.cn/en/
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SOURCE Inmagene Biopharmaceuticals