Allorion Therapeutics, a biotech powerhouse in precision medicine for oncology and autoimmune diseases, has just closed a remarkable $50 million Series B financing round, co-led by INCE Capital and Qiming Venture Partners. The round was boosted by the participation of TF Capital, Long River Investment (LRI), 3SBio, Octagon Capital, and Elikon Venture. Since its inception in July 2020, Allorion has raised a staggering $100 million from some of the most respected biotech investors.
Allorion is thrilled to announce the successful raising of funds in this round, which will be used to power upcoming Phase I/II clinical trials in both China and the US, identify clinical candidates for additional programs, and advance its established and validated early discovery platform technologies. These technologies include an allosteric inhibitor screening platform and a platform for discovering synthetic lethality targets and molecules. What’s more, the funds will be used to construct a world-leading clinical development and business development team, further securing Allorion’s position as a leader in the industry.
Dr. Gregory Berk has officially joined Allorion as its Chief Medical Officer (CMO), bringing with him over three decades of clinical research expertise and experience in novel drug development. With his appointment, Allorion is positioned to make the transition from preclinical research to clinical development, exploring new therapeutics to address unmet medical needs and create value for the company. Prior to his role at Allorion, Dr. Berk held senior management positions at renowned biotech/biopharma companies in the U.S., such as Abraxis BioScience, Intellikine, BIND BioSciences, Sideris Pharmaceuticals, and GT Biopharma. As CMO, Dr. Berk will lead clinical teams in the U.S. and China, as well as design and oversee Phase I/II clinical trials in both countries.
We are incredibly grateful for the recognition and support from both our new and existing investors for our successful Series B financing round. In just two and a half years, Allorion has made tremendous progress – establishing wet labs in both Boston and Guangzhou, growing our R&D team to over 50 full-time employees, and advancing two small molecules to IND stage in both China and the U.S. Our highly innovative technology platforms have generated first-in-class small molecule programs with immense clinical and commercial value, some of which have already progressed to the clinical candidate selection stage. At this year’s JPM conference, we have seen great interest from several global pharma companies in our programs, which is a testament to our global recognition and the value of our innovation. We will continue to use our team’s capabilities, platforms, and funds to advance clinical development and address unmet medical needs for patients.
INCE Capital’s founding partner JP Gan has expressed his enthusiasm for Allorion’s accomplishments in the pharmaceutical industry, noting the company’s success in developing leading early-discovery platforms designed to create precision medicines, as well as two molecules that have already advanced to the IND stage. He is optimistic about the future clinical data of these groundbreaking assets and believes that Allorion’s platforms will continue to generate innovative pre-clinical solutions to tackle unmet medical needs and help patients around the world.
Qiming Venture Partners’ Partner Kan Chen is excited about Allorion’s potential, stating “The team’s experience in small molecule drug discovery from large pharma companies such as Novartis, Merck, and Eli Lilly is impressive. They’ve already advanced two molecules to the clinical stage and verified the company’s allosteric inhibitor and synthetic lethality screening platforms. We look forward to the clinical data and high-quality drug candidates generated from their technology platforms, and their collaborations with international and Chinese pharma will no doubt drive more innovations that are beneficial for human health.”
TF Capital is thrilled to have supported Allorion from its angel round to its B financing round and to witness the company’s impressive achievements over the past two and a half years. Managing Director of TF Capital, Wei Cheng, commented, “Successfully entering the clinical stage is a major milestone for Allorion, and we are excited to see the company continue to make strides in early drug discovery, clinical studies, and business collaborations that will ultimately benefit patients around the world.”
About Allorion Therapeutics
Allorion Therapeutics is a clinical-stage biotech company that has set out to revolutionize precision medicine for oncology and autoimmune diseases. With a strong R&D team of 53 full-time employees, including 15 experienced executive team members, the company is developing globally competitive drugs to address unmet needs of patients. Led by an internationally renowned Scientific Advisory Board, Allorion has two small molecules at the IND stage, and three additional projects nearing the preclinical candidate stage. Its mass spectrometry-based allosteric inhibitor screening platform and synthetic lethality target/molecule discovery platform, which are powered by a proprietary library of nearly 200,000 high-quality small molecules, have enabled the company to identify confirmed hits for multiple projects and advance them to hit-to-lead and lead optimization stages. Leveraging its AI-enabled discovery platform, featuring chemoinformatics- and bioinformatics-based data mining, Allorion is on a mission to tackle even the most “undruggable” targets.
About INCE Capital
INCE Capital is an innovative venture capital firm on a mission to empower the future greats! Established in 2019, we focus on early to expansion stage companies with cutting-edge technology, Internet and consumer-facing solutions. Our name reflects our commitment to making smart, creative investments; “IN” stands for intelligence, while “CE” stands for innovation in Chinese. Join us in our quest to create a better future!
INCE has come a long way since its inception and now boasts a staggering US $1 billion in commitments under management from some of the most influential university endowments, foundations, family offices, and funds of funds in the world. With offices in Shanghai, Beijing, and Hong Kong, the team at INCE is well-positioned to continue to grow their impressive portfolio.
About Qiming Venture Partners
Qiming Venture Partners has been a pioneering force in the Chinese venture capital scene since 2006. Established with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area, the firm continues to support the growth of innovative startups and businesses across the country.
Qiming Venture Partners has made a name for itself in the venture capital world, having raised a staggering $9.4 billion in capital across its eleven US Dollar and seven RMB funds. Since its establishment, the firm has taken an active role in the early and growth stages of the Technology and Consumer (T&C) and Healthcare industries, investing in some of the most promising companies in those sectors.
Since our debut, we’ve been proud to back more than 480 of the most innovative and fast-growing companies in the world. Over 180 of our portfolio companies have gone on to achieve successful exits, including IPOs on the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, and Shenzhen Stock Exchange, as well as M&A and other exits. We’ve also seen over 70 of our portfolio companies reach unicorn status!
About TF Capital
TF Capital is passionate about investing in the life sciences industry, with a focus on early-stage companies with high potential. By leveraging strategic investments and strong partnerships, TF Capital seeks to capitalize on the dynamic opportunities that the booming Chinese life sciences market offers. Our experienced investment team has the expertise and resources to help portfolio companies grow, while also allowing us to grow in tandem.