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Elpiscience Biopharmaceuticals secures $100M in series B round

Chinese biopharmaceutical research and development company Elpiscience Biopharmaceuticals Co. Ltd. raised $100 million in a series B funding round led by Hyfinity Investments.

Tencent, GTJA Investment Group, Dyee Capital, Oriza Holdings, Ming Bioventures, WisdoMont and Parkway Global are among those who participated in the round, including current investors such as Lilly Asia Ventures, Hillhouse Capital Group and CDH Investments.

The cancer immunotherapy-focused company will mainly use the capital to advance immunotherapy candidates through pre-clinical and clinical development, as well as to broaden its product pipeline.

Elpiscience Biopharmaceuticals also entered into a partnership with Bank of China and Agricultural Bank of China for a 150 million Chinese yuan fund that will be used to build its good manufacturing practice capabilities.

As of Dec. 27, US$1 was equivalent to 7.00 Chinese yuan.