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Biosynergics, Inc. Completes Series A Financing and Company Restructuring
On October 29, 2017, Biosynergics, Inc. ("Biosynergics"), a China-based startup biotech company, announced that it has completed a 30 million RMB Series A financing. The Series A round was exclusively invested in by Shenzhen Renhe Capital. After completion of the financing, Shenzhen Renhe Capital ("SRC") and Biosynergics co-registered a new entity named as Biosion, Inc. ("Biosion") in Nanjing, China. Going forward, Biosynergics will operate as a wholly-owned subsidiary of Biosion.
The rationale for restructuring of Biosynergics was driven by three considerations. First, Biosyngerics has developed and directed its core antibody drug discovery business to minimize preclinical drug development risks while accelerating the clinical and commercial antibody drug pipeline success of its current and future biopharmaceutical clients. Second, Biosynergics has successfully recruited highly trained scientific talent to continue its execution on its business plan and will continue putting the effort of attracting more top talents in the near future. Third, the critical investment and restructuring required to create Biosion, now enables a strategic path forward to enhance and expand its capabilities as necessary through a future IPO. The newly established company, Biosion will focus on innovative antibody drug discovery and early preclinical drug development while Biosynergics will continue its existing business scope of In VitroDiagnosis(IVD) critical raw materials supply and CRO services.
Dr. Mingjiu Chen, Founder and CEO of Biosion stated "We are very pleased that our recent achievements and future growth potential were recognized by the Renhe Capital team. Exploiting our proprietary H³ (High-throughput High-content High-efficiency) antibody platform and SynAb™ (Synergistic Antibody) technology, we are able to interrogate very large, program-specific, antibody collections that result in the discovery and development of both First-in-Class and Best-in-Class antibody drug candidates. With SRC's investment and their capital management experience, we anticipate that our antibody drug discovery pipeline will be accelerated and our corporate operation efficiency will be further optimized."
"The demonstrated excellent performance of the Biosynergics team to date and the great growth potential of China's biotechnology industry are the main considerations for today's investment," commented Mr. Weichun Ji, CEO of Shenzhen Renhe Capital. "Furthermore, leveraging their core business of innovative antibody drug discovery and early development, Biosion offers a very unique value proposition to its biopharmaceutical partners to increase the speed and success rate of their antibody drug development. Biosion team has demonstrated a combination of great technical expertise, a thoughtful and clear understanding of marketing strategy, and a strong implementation capability. During our due diligence, we have received very positive feedbacks from both Biosion's current clients and from the experts from the industry. We are truly pleased to work with Biosion team to promote the innovation of China's antibody drug industry."
About Biosion, Inc.
Biosion is a China-based biotech company dedicated to the discovery and development of innovative antibody drugs. Based on our proprietary H³ antibody platform and SynAb™ technology, Biosion is committed to develop biological molecules with superior drug properties and/or novel mechanism of actions to known and novel drug targets. In the past years, Biosion team has successfully delivered multiple therapeutic antibody discovery projects to their clients, and established extensive business relations with the well-known biopharmaceutical companies in China. For more information, please visit www.biosion.com.
About Renhe Capital
Founded in 2012, Shenzhen Renhe Captial (SRC) is a professional asset management company. The company's core management team investment experience has more than 19 years in the capital market with a wide range of network resources and customer resources, along with many fund management companies, securities companies, listed companies to maintain close relations of cooperation. On March 25, 2014, SRC was awarded the joint venture "private equity fund manager registration certificate" for the top 100 filing of the private management agencies by China Securities Investment Fund Association.
Larry Li, BD VP
Biosion, Inc. www.biosion.com
Biosynergics, Inc. www.biosynergics.com.cn