Canton Biologics Completes Over 300 Million Yuan Series C Financing, Led by SDIC Venture Capital
(Adnkronos) - GUANGZHOU, China, Sept. 18, 2023 /PRNewswire/ -- On September 13th, Canton Biologics Co., Ltd. announced that it had recently completed a Series C financing round exceeding 300 million yuan. This round of financing was led by SDIC Venture Capital, with participation from Guangdong Technology Financial Group, Taipu Life Science Investment, and Chnin Financial. The funds raised in this round will be channeled towards advancing the company's R&D in novel biotechnologies, scaling commercial production capabilities, and expanding its global strategic footprint.
Founded in Guangzhou in 2016, Canton Biologics specializes in the large molecule biopharmaceutical CDMO sector, offering end-to-end services from biopharmaceutical CMC development to commercial production and global clinical supply. The company has achieved outstanding results in high-yield cell line development, complex protein expression capabilities, and robust international manufacturing capabilities. Notably, the company has made significant advancements in the lgM molecule expression platform, expression host cells, high-density cell culture, new formulations, and analytical methodologies. In a testament to their operational efficiency, Canton Biologics achieved a milestone by transitioning from DNA synthesis to CMC production in a mere 7 months, facilitating the swift progression from customers' therapeutics into clinical trials.
Dr. Xiao Shen, founder and CEO of Canton Biologics , said, "I am deeply grateful to the investors in this round for recognizing Canton Biologics' technical expertise and growth potential. From our inception, we've been anchored by values of 'reliability, efficiency, and innovation', and inspired by our vision of empowering future with biotechnology. This financing round will further bolster our progress in biotechnological R&D, strengthen our global presence, perpetually support our partners, and ultimately serve more patients."
The lead investor, SDIC Venture Capital, holds a bullish outlook on Canton Biologics' prospective growth and global expansion, because Canton Biologics is a flagship entity in the large molecule drug CDMO sphere, with extensive expertise and robust technical foundations in areas such as proprietary cell line development, pre-clinical pharmaceutical formulation, large-scale commercial manufacturing, and integrated clinical supply chain management.
The co-investor, Guangdong Technology Financial Group, stated that Canton Biologics' accelerated growth plays a strategic role in enhancing the R&D outsourcing landscape within Guangdong province.
The co-investor, Taipu Life Science Investment, also have a favorable view of Canton Biologics as it boasts a global perspective, a commitment to customer-centric service, a dynamic management cadre, an innovative technical team, and robust capabilities in the industrialization of biotechnologies.
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