On November 2, 2020 Zhejiang Doer Biologics Corporation (hereinafter referred to as "Doer "), which focuses on the development of innovative multispecific protein drugs based on multi-domains, reported the completion of nearly 100 millions of RMB in A+ round of financing (Press release, Doer Biologics, NOV 2, 2020, View Source [SID1234656202]). The financing was led by Huarui Investment, followed by Haiyue Asset Management, and the old shareholders Kaitai Capitaland Hangzhou Bairui made additional investments. The funds raised will be used to promote the company’s clinical applications of three first-class innovative drugs and follow-ups in R&D and preclinical research.
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Doer Biologics was founded by Dr. Yanshan Huang in 2014, who is a domestic biopharmaceutical research expert and serial entrepreneur. Dr. Huang has nearly 30 years of experience in biomedicine research, development and industrialization . Two biopharmaceutical marketing authorizations were achieved under his leadership in Hangzhou Jiuyuan Gene (the first recombinant rhG-CSF and rhIL-11 to be marketed in China) . He promoted the entry of multiple biological drugs into clinical research, and at the same time he presided over the completion of the clinical development of the first domestic long-acting biological drug based on albumin fusion technology and China’s first biological drug production based on Pichia Pastoris expression system. Dr. Huang later co-founded Jiangsu Taikang Biology in 2008. He was responsible for establishing the technology platform and he promoted four improved antibody/long-acting protein drugs (Bio-better) into clinical research. Finally, he dominated the Mergers and acquisitions of Taikang Biology which brought nearly 10 times the return on investment within 6 years for investors. Dr. Huang founded Doer Biologics in 2014 and completed round A financing of tens of millions of RMB jointly funded by Kaitai Capital and Hangzhou Bairui in 2019.
Doer has developed 4 technology platforms with independent intellectual property rights: xLONGylation, MultipleBody, AccuBody and SMART-VHHBody. It has developed a number of innovative multispecific protein drugs based on multiple domains using these platforms to address unmet clinical needs. At present, Doer has more than 10 innovative protein drugs under development. The research focuses on three important therapeutic areas: Metabolic disease(cardiovascular disease, diabetes, obesity, NASH), oncology and ophthalmology. And there are 3 first-class innovative drugs ready for clinical application. Among them, DR10624 is the world’s first (first-in-class) long-acting tri-agonist. It has excellent hypoglycemic, lipid-lowering, weight-loss and liver-protecting activities. DR10624 is expected for the treatment of metabolic diseases such as diabetes, obesity and nonalcoholic fatty liver (NASH). DR10627 is a potential best-in-class dual-agonist, with good activities in lowering bloodglucose, lowering lipids, and protecting liver. The clinical indications are diabetes and NASH. DR30303 is the world’s first therapeutic antibody against Claudin 18.2 developed based on the single domain antibody. It has extremely high anti-tumor activity and clinical indications are gastric cancer and pancreatic cancer.
Regarding for the successful completion of this round A+ financing, Dr. Huang, founder and CEO of Doer, said: "Thank you very much for the support of the inventors. Doer will continue to work hard to contribute to human health."
Yuding Wu, Investment Director of Huarui Investment, said: "Doer is the first domestic company to deploy multispecific biologics, and it is also an important partner of Huarui Investment in the field of biotechnology. Huarui Investment will accompany Dr. Huang steadily for a long time, assist Doer to promote the research and development of new drugs, solve unmet clinical needs, and make contributions to human health."
Nannan Chang, Chief Executive Officer of Kaitai Capital, said: "Doer has been deeply involved in the field of multi-domain biopharmaceuticals for many years, and has developed a number of globally competitive products. We are fortunate to participate in Doer and I believe that under the leadership of Dr. Huang, the team has the ability to bring more and better biological drugs to patients continuously.
Zhen Qin, Chairman of Haiyue Asset Management, said: "Doer has gathered excellent teams to overcome difficulties on the new track and develops rapidly. It will surely grow into an excellent star enterprise. Haiyue Asset Management has always been a loyal partner of excellent enterprises and we will accompany Doer to develop together in the future.