Suzhou – April 2, 2018— CMAB Biopharma Inc. (CMAB), a full-service contract development and manufacturing organization (CDMO) providing process development and manufacturing services for biologic products, today announced that the company has raised $34 million in Series B financing.
The round is being led by CD Capital, and jointly participated by C-Bridge Capital, Cormorant, Qianhai FoF Fund and Tigermed. The funding proceeds will be used to upgrade CMAB’s 2,000L Good Manu acturing Practices (GMP) facilities, expand manufacturing capacity and will also enable the company to provide 50L/200L/500L/1,00 L/2,000L bioreactor scale GMP manufacturing services.
Located in Suzhou’s BioBAY Park, CMAB’s new manufacturing facility will provide services for the development of manufacturing pro ess, analytical method, formulation, and the manufacture of biologic drug substances and drug products. The initial facility will be able to generate pre-clinical and early stage clinical (Phase I/II) products, using manufacturing tha follows global GMP standards, including those of the China Food & Drug Administration, US Food & Drug Administration (21 CFR), European Medicines Agency (Eudralex), WHO, and harmonized PIC/S and ICH standards.
In the company’s recent grand opening, CMAB also announced it has entered into collaboration agreements with several leading biopharma companies, which speaks to the quality of CMAB’s services and to the expertise of its management team.
“The closing of this round is an important milestone for CMAB and reflects the significant achievements we have made in developing the company into a preferred CDMO partner,” said Mr. Qibin Liang, President of CMAB. “We aim to bring our client expertise and knowledge to efficiently advance products from concept into the clinic. This financing furthers our vision to become a fully integrated CDMO platform providing clinical and commercial production services to the Chinese domestic and the international biologics markets.”
Mr. Qing Tan, founding partner of CD Capital, said, “CMAB has quickly established itself as a force in CDMO industry. We are delighted to lead this financing and support CMAB in its mission to enable clients to take their innovative concepts for tomorrow’s medicines from DNA to clinical product today, not only in China, but globally. It is well accorded with CD Capital’s investment strategy.”