Adagene Inc. Closes $8 Million Series A Financing with Fidelity Biosciences, Fidelity Asia Growth, and WuXi Venture Fund
SUZHOU, December 8, 2014 /PRNewswire/ -- Adagene Inc. announced today the closing of an $8 million Series A financing with backing from Fidelity Biosciences, a leading investor in innovative world-class healthcare technologies; Fidelity Asia Growth, a leading investor in global innovative companies in Asia; and WuXi Venture Fund, the investment arm of WuXi PharmaTech, a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology and medical device industries, with operations in China and the United States.
Adagene is addressing two fundamental challenges within biologics research and development—vastly expanding the available antibody space and significantly enhancing the developability and drug-like qualities of antibody therapeutic leads. This next-generation technology opens previously un-addressable complex target classes to mono-specific and IgG-like bi-specific antibodies.Located in China, Adagene is positioned to become a global leader in novel antibody therapeutic discovery. Since incorporating in 2011, Adagene has created an expanding portfolio of highly developable libraries with high fidelity between design and construction, and diversity in excess of 1011.A core component of the company’s business strategy is to partner with pharmaceutical and biotechnology companies committed to the next generation of therapeutic antibodies to create truly innovative products. Consistent with this strategy, Adagene is entering into multiple partnerships with top-tier multinational companies for discovery and development of first-in-class antibody therapeutics. Adagene is also committed to developing an internal pipeline focused on novel immune checkpoint targets and target combinations.“Adagene has pioneered new methods of antibody design and construction to make simple things easy and difficult things possible,” said Peter Luo, Ph.D., co-founder and CEO of Adagene. “We continually build new libraries to explore important underrepresented and novel target spaces, with very high fidelity between design and construction.”“We are thrilled with Adagene’s progress since its founding and are excited to be active participants in shaping the biopharmaceutical industry driven by technological breakthroughs,” said Daniel Auerbach, Managing Partner/Senior Managing Director of Fidelity Growth Partners Asia.“Adagene embodies the concept of world-class innovation, harnessing a depth of cutting-edge technology and resources to build a disruptive force to transform biopharmaceutical drug discovery and development,” said Thomas Beck, MD, Executive Partner, Fidelity Biosciences.About Adagene Inc.Adagene Inc. is a venture-backed biotechnology company based in Suzhou, China, focused on the discovery and development of antibody therapeutics for partner companies and for its own internal pipeline. Adagene’s vision is to vastly expand the available epitope space through the discovery and development of novel antibody therapeutics with its proprietary Dynamic Precision Library (DPL) antibody platform technology. For additional information about Adagene Inc., please visit www.adagene.com