On January 17, 2023 IASO Biotherapeutics (IASO Bio), a clinical-stage biopharmaceutical company engaged in discovering, developing, and manufacturing innovative cell therapies and antibody products, reported the completion of nearly US $75 million ($500 million RMB) in Series C1 funding. Eleven investment organizations participated in this investment round, including Shanghai Guoxin Investment & Development, Efung Capital, Shanghai Waigaoqiao Free Trade Zone Group, Nanjing Jiangbei New Area State-owned Asset Management, Housen Care Brothers, and Hongcheng Investment (Press release, IASO Biotherapeutics, JAN 17, 2023, View Source [SID1234626310]). The funding will support research and development of the company’s pipeline products, and the commercial launch of its core product Equecabtagene Autoleucel.
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"Despite the current challenging investment climate, greater competitive pressures, and increasingly strict regulatory policies, IASO Bio has been able to attract investors’ attention. For this we are extremely grateful," said Dr. Alan Fu, IASO Bio’s CFO. "The successful fund raising is strong proof of IASO Bio’s outstanding research and development in cell therapy and superior execution capabilities. During the past year, our company has achieved numerous milestones and is on the transition to commercialization. The new funding will help accelerate development and commercialization of innovative drugs, enable us to keep working toward our vision of ‘bringing hope to patients in China and around the world."
According to Jianhua Zhao, COO of Shanghai Guoxin Investment, "Cell therapy is curable therapies for patients suffering from hematological tumors. IASO Bio is dedicated to bringing hope to these patients by fulfilling the unmet medical needs. The company has developed a rich and balanced product pipeline and established itself as one of China’s leading cell therapy companies. Despite a late start, IASO Bio has taken the lead and become the first company to receive New Drug Application (NDA) acceptance of a fully in-house developed CAR-T product, Equecabtagene Autoleucel for the treatment of relapsed/refractory multiple myeloma (r/r MM), in China. Its outstanding research and highly effective execution capabilities, and the team’s global vision, have all deeply impressed us. Guoxin will leverage our industry resources to help IASO Bio in its journey to further develop innovative medicines and to benefit patients in China and worldwide."