BOSTON, Nov. 24, 2021 /PRNewswire/ -- Allorion Therapeutics, a company focusing on next-generation precision medicine for oncology and autoimmune disease, today announced the completion of $40M Series A financing. This financing round is led by Qiming Venture Partners and participated by IDG Capital, Octagon Capital, Firstred Capital, and Elikon Venture. Existing investors - TF Capital and Med-Fine Capital - continued to support in this round.
The proceeds will be used to support Allorion's preclinical projects, IND-enabling studies and IND applications of two drug candidates in China and the United States. Allorion will also increase its investment in its platform technologies in the systematic screen for allosteric inhibitors and synthetic lethality targets with matching tool compounds and enhance the clinical and business development teams.
The drug discovery engine of Allorion integrates technological breakthroughs in protein structure, big data, machine learning and gene editing to systematically discover and develop highly selective small molecules, including covalent and allosteric inhibitors of well-validated targets. Allorion has also built a unique synthetic lethality screening platform to expand the scope of targeted therapies for cancer patients, laying a solid foundation for the company's long-term success. Allorion endeavors in target selection and project execution and upholds high standards of drug discovery and data quality to gain international recognition and collaboration.
Peter Ding, Founder and CEO of Allorion Therapeutics, said, "Over the past year, Allorion has built up R&D capabilities in Boston and Guangzhou and formed a strong management and R&D team. Multiple projects achieved their milestones. The completion of this financing round shows investors' recognition of the progress and the support for the company's long-term strategy on highly innovative platforms for best- or first-in-class drug discovery. We are grateful to all the investors for their trust and support. We will continue our efforts in promoting innovative small molecule drugs to clinical research, fulfilling the unmet clinical needs. Allorion will leverage cutting-edge technologies and strive to make precision medicine more precise and accessible to more patients."
Chen Kan, Principal of Qiming Venture Partners, said, "There are huge unmet medical needs for autoimmune disease and cancer therapy globally. Based on data mining and an in-depth understanding of disease biology, Allorion focuses on the early discovery and development of precision medicines. We have confidence in the team's strong R&D capabilities.. We hope to support Allorion to grow into a globally-recognized company and improve patients' life quality."
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area. Currently Qiming Venture Partners manages ten US Dollar funds and six RMB funds with $6.2 billion in AUM capital raised. Since establishment, Qiming Venture Partners has invested in outstanding companies in the TMT and healthcare industries at the early and growth stages. Since its debut, Qiming Venture Partners has backed over 430 fast-growing and innovative companies. Over 170 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 40 portfolio companies that have achieved unicorn status.
About TF Capital
TF Capital focuses on investment in the life sciences industry, primarily investing in early stage companies with high potential. Through strategic investments in various key areas and right partnerships, TF Capital hopes to capture opportunities in the rapidly expanding Chinese life sciences market. Our investment team has vast experience and resources in industry to assist our portfolio companies.
SOURCE Allorion Therapeutics