5Y News | Neox Biotech Completes Tens of Millions of Dollars in Series A+ Funding to Advance Innovative Drug Pipeline
5Y Capital continues to provide support.
On July 8, 2021, Neox Biotech, a frontier technology company using computational design to drive new drug R&D, announced the completion of a tens-of-millions-of-dollars Series A+ round — less than six months after its previous round, bringing its total funding to nearly $100 million. This round was led by Yuanbio Venture Capital, with co-investment from LYFE Capital, while existing investors 5Y Capital, HSG, Sky9 Capital, and BAI Capital continued to increase their stakes.
The proceeds from this round will continue to fund the rapid advancement and expansion of the company's innovative drug pipeline, the growth of its talent team, and the development of international commercial partnerships.
Xutian Jing, Managing Director at 5Y Capital, said: "Congratulations to neoX on completing this new round of financing. In just three years since its founding, neoX has become a leading company in the AI + macromolecular new drug R&D space, achieving milestone breakthroughs in both its algorithmic platform and proprietary pipeline, while also establishing deep partnerships with top-tier pharmaceutical companies. We believe that with the support of entirely new technological variables and methodologies, neoX has the potential to become a next-generation Chinese biotech company with greater R&D capabilities and economies of scale. 5Y Capital has participated in all four funding rounds since the company's founding, and we continue to be optimistic about and seek out innovation opportunities at the intersection of IT and biotech."
Founded in 2018, Neox Biotech is the first Chinese biotech company to combine artificial intelligence with biophysics and high-throughput experimentation for the R&D of innovative macromolecular and multispecific drugs. The company currently operates R&D centers in both Beijing's Zhongguancun Life Science Park and Shanghai's Zhangjiang Hi-Tech Park.
By deeply characterizing protein-protein interactions (PPI), Neox Biotech has developed a computational design-driven drug R&D model to address "undruggable" or difficult-to-drug targets. The company has already applied this rational drug design methodology to cutting-edge modalities including nanobodies, fusion proteins, bispecific antibodies, and protein degraders, achieving breakthrough preclinical progress across multiple innovative drug pipelines with the potential to develop "First-in-Class" or "Best-in-Class" therapeutics.
Neox Biotech's "AI + Biophysics + High-Throughput Experimentation" trinity platform, neoPlatform, has gained significant industry recognition. In less than six months, the company not only won first place in LEO Pharma's innovation competition but also signed multiple collaboration agreements with multinational pharmaceutical companies and publicly listed Chinese innovative drug firms to jointly develop frontier therapeutics.
This marks Neox Biotech's fourth funding round to date. Dr. Hang Chen, co-founder and CEO of Neox Biotech, commented on the continued support from both new and existing investors: "We are deeply grateful to our new and existing shareholders for their strong recognition and support of our vision for computational design-driven innovative drug R&D. Neox Biotech's value creation in AI-enabled drug discovery is built on the underlying logic that biological systems and drug mechanisms are computable. We are increasingly seeing the powerful potential of deeply studying and characterizing protein-protein interactions, which has enabled us to deliver source innovation across multiple innovative drug pipelines and achieve exciting milestone results that have earned high recognition from our pharmaceutical industry partners. This financing will accelerate our proprietary and partnered pipelines as we work to advance innovative drugs into clinical trials and ultimately benefit patients."
5Y Capital (formerly Morningside Venture Capital) currently manages approximately $5 billion in USD and RMB dual-currency funds. We believe the world would be a better place if the crazy you that others see starts to be believed.
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