Focus on the discovery and development of small molecule drugs for cancer and autoimmune diseases
BOSTON, November 24, 2021 /PRNewswire/ — Allorion Therapeutics, a company specializing in next-generation precision medicine for oncology and autoimmune diseases, today announced the completion of $40 million Series A funding. This funding round is led by Qiming Venture Partners and is attended by IDG Capital, Octagon Capital, Firstred Capital and Elikon Venture. Existing investors – TF Capital and Med-Fine Capital – continued to support in this round.
Proceeds will be used to support Allorion’s preclinical projects, IND enabling studies and IND applications of two drug candidates in China and United States. Allorion will also increase its investments in its platform technologies in the systematic screening of allosteric inhibitors and synthetic lethality targets with corresponding tool compounds and strengthen the clinical and commercial development teams.
Allorion’s drug discovery engine integrates technological advances in protein structure, big data, machine learning and gene editing to systematically discover and develop highly selective small molecules, including covalent and allosteric inhibitors well-validated targets. Allorion has also built a unique synthetic lethality screening platform to expand the reach of targeted therapies for cancer patients, laying a solid foundation for the company’s long-term success. Allorion strives to select targets and execute projects and maintains high drug discovery and data quality standards to achieve international recognition and collaboration.
Peter Ding, Founder and CEO of Allorion Therapeutics, said: “On over the past year, Allorion has strengthened its R&D capabilities in Boston and Canton and formed a strong management and R&D team. Several projects have reached their milestones. The completion of this funding round shows investors’ appreciation for the progress and support for the company’s long-term strategy on highly innovative platforms for the discovery of best or first-in-class drugs. We thank all investors for their trust and support. We will continue our efforts to promote innovative small molecule drugs for clinical research, addressing unmet clinical needs. Allorion will leverage cutting-edge technologies and strive to make precision medicine more accurate and accessible to more patients.”
Chen Kan, Director of Qiming Venture Partners, said, “There are huge unmet medical needs for autoimmune diseases and cancer treatment worldwide. Based on data mining and a deep understanding of disease biology, Allorion focuses on early discovery and precision drug development. We have confidence in the strong R&D capabilities of the team. We hope to help Allorion become a globally recognized company and improve the quality of life for patients.
About Qiming Venture Partners
Founded in 2006, Qiming Venture Partners is a leader China venture capital firm with offices in Shanghai, beijing, Suzhou, hong kong, Seattle, Boston and the San Francisco Bay Area. Currently, Qiming Venture Partners manages ten american dollars funds and six RMB funds with $6.2 billion in raised AUM capital. Since its inception, Qiming Venture Partners has invested in outstanding start-up and growth-stage TMT and healthcare companies. Since its inception, Qiming Venture Partners has supported more than 430 innovative and fast-growing companies. More than 170 companies are already listed on the NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or have successfully exited through mergers and acquisitions and other means . There are also over 40 holding companies that have achieved unicorn status.
About TF Capital
TF Capital focuses on investing in the life sciences industry, investing primarily in high-potential start-up companies. Through strategic investments in various key areas and good partnerships, TF Capital hopes to seize opportunities in the booming Chinese life sciences market. Our investment team has extensive industry experience and resources to help our portfolio companies.