Inmagene Biopharmaceuticals, a biotech startup with offices in China and the US, has closed $100 million in a Series C round of financing jointly led by health-focused HighLight Capital (HLC) and Panacea Venture, the startup announced in a WeChat post on Tuesday.
The Series C round provided Inmagene – which is developing a pipeline of nearly 20 drug candidates for immunological diseases – with new proceeds to fund its scientific research, drug innovation, clinical development, product introduction, and the construction of new manufacturing facilities.
With the new financing, Inmagene has secured about $140 million across three rounds since its inception in 2019. In November 2020, the startup announced the completion of a $21-million Series B round led by Vertex Ventures China, a China-focused affiliate of Singapore-based venture capital (VC) firm Vertex Ventures.
It completed a $20-million Series A round in September 2019, according to Chinese third-party business data platform Tianyancha. Investors of the initial round were not disclosed.
Biotech startups in the Greater China region collectively raised at least $710 million across 18 investments in April 2021, putting the sector as one of the top three most popular areas for investors to make bets, according to proprietary data from DealStreetAsia’s China Deal Review.
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