AffaMed Therapeutics announced the completion of over $170 million in Series B financing. Proceeds from the financing will be used to advance clinical development of AffaMed’s pipeline of innovative therapeutic candidates, progress business development and partnering activities, and support preparations for future commercialization.
Since its inception in 2019, AffaMed has built an exceptional global platform to develop therapeutics and solutions to serve patients in Greater China and worldwide. AffaMed has assembled world-class capabilities in clinical development, regulatory affairs and business development under the leadership of its CEO, Dr. Dayao Zhao, an industry veteran who has previously served as Head of China R&D for Pfizer; as Head of China R&D at the Janssen Pharmaceutical Companies of Johnson & Johnson; and as Genzyme’s head of Japan and Asia Pacific R&D.
“AffaMed has established a strong portfolio of therapeutic candidates in ophthalmology and neuroscience and has made significant progress in developing its pipeline over the past year,” Dr. Zhao said in a company news release. “With the support of this outstanding syndicate of investors who share our vision, we are well-positioned to transform AffaMed into a leading biopharmaceutical company in our chosen therapeutic areas while advancing our pipeline and pursuing new strategic partnerships.”
The oversubscribed financing was led by Lake Bleu Capital, with participation by new investors including Partners Investment, Superstring Capital, Orion Science Capital, and Fountainhead Partners, and with continuing support of its founding investor CBC Group.
AffaMed Appoints Dr. Ji Li as President and Board Member
In addition to today’s financing news, AffaMed has announced the appointment of Dr. Ji Li as President and member of its Board of Directors. A highly accomplished senior pharmaceutical executive with extensive business development and R&D experience, Dr. Li has previously served as Executive Vice President and Global Head of Business Development at BeiGene; as Vice President of Business Development and Licensing at Merck Research Laboratories, a subsidiary of Merck & Co. Inc.; and as Executive Director of External R&D at Amgen. Dr. Li holds a Ph.D. in Neuroscience from Mount Sinai School of Medicine, and a B.S. in Pharmacology from Shanghai Medical University.