5Y News | Abogen Biosciences Completes $300 Million Series C+ Round
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On November 29, 2021, Suzhou Abogen Biosciences Co., Ltd. (hereinafter referred to as "Abogen") announced the completion of a $300 million Series C+ funding round. This round was jointly led by SoftBank Vision Fund and existing shareholder 5Y Capital, with participation from Chimera Abu Dhabi, Fuhai Growth Fund, Jinyi Capital, New Frontier Group, IMO Ventures, Mirae Asset Group, and others. This marks another strategic financing round for Abogen following its $720 million Series C round in August 2021.
The proceeds will support Abogen in accelerating clinical development and international expansion of its COVID-19 mRNA vaccine, enhancing its mRNA platform's R&D competitiveness through cross-disciplinary technologies such as artificial intelligence, rapidly expanding its clinical pipeline, scaling up production capacity, and accelerating its overall commercialization strategy.
A managing director at 5Y Capital commented: "We are honored to co-lead this round in Abogen. We are very bullish on the prospects of mRNA in medicine — it could even become the next 'killer' application in the tech space. But to consistently deliver mature products with high clinical value requires the combined support of talent, technology, and capital. Abogen is already a leading company in the industry from the perspectives of talent aggregation, technical accumulation, and product pipeline. We believe that with the support of this new round of financing, combined with our investors' expertise in AI and computing, the company can further accelerate its technology iteration and become a world-leading platform-based mRNA therapy company."
Founded in early 2019, Abogen is an innovative biopharmaceutical company focused on messenger RNA (mRNA) drug development. Since its inception, the company has leveraged its industry-leading proprietary mRNA and nano-delivery technology platforms to build a robust product pipeline covering infectious disease prevention and tumor immunotherapy. In June 2020, the company's novel coronavirus mRNA vaccine, developed in collaboration with the Academy of Military Medical Sciences and Walvax Biotechnology, received clinical trial approval from the National Medical Products Administration, becoming the first mRNA vaccine approved for clinical trials in China. The vaccine is currently in Phase III clinical trials. In November 2021, the company obtained a Drug Manufacturing License for its COVID-19 mRNA vaccine.
5Y Capital (formerly Morningside Venture Capital) currently manages approximately RMB 32 billion across USD and RMB dual-currency funds. 5Y Capital seeks out, supports, and inspires entrepreneurs who are alone in their vision, providing them with support ranging from the spiritual to all aspects of business operations. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
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