On August 24, 2020, Shanghai Escugen Biotech Co., Ltd. (hereinafter referred to as "Escugen Biotech") announced that it has recently completed a Pre-A financing round of tens of millions of yuan. This round of financing was jointly funded by institutions including Detong Capital and CASH Capital. StartPoint Advisors served as the exclusive financial advisor for this transaction, with L Links Law Offices providing legal services.
Escugen Biotech is an innovative antibody development company co-founded in Zhangjiang, Shanghai, by Dr. Zhou Qing, former Chief Scientist of Genor Biopharma, and Dr. He Feng, former Quality Director of Genor Biopharma, both of whom are returned overseas scholars. Prior to their return, the two founders were employed at Amgen in the United States. All of Escugen Biotech's pipeline products are positioned as global Best-in-Class or First-in-Class. The company has built a globally extensive business cooperation network, establishing business and strategic partnerships with several world-leading biotech companies.
Dr. Zhou Qing, founder of Escugen Biotech, said: "We sincerely thank both new and existing investors for their high recognition and strong support for our company. Escugen Biotech is committed to developing Best-in-Class and First-in-Class innovative antibody drugs. Since its establishment, the company has developed a series of pipeline products with significant competitive advantages. Our first pipeline product will submit IND applications in China and the United States in Q4 of 2020. The successful completion of this financing round will provide solid financial support for the IND of this project and the rapid advancement of subsequent pipeline process development and preclinical research."
Mr. Shao Jun, founding managing partner of Detong Capital, said: "The team at Escugen Biotech has long been engaged in the field of antibody drug development, with experience working in overseas multinational companies and a track record of successful product development in China, enjoying a good reputation in the industry. The company's leading pipeline products have well-balanced clinical validation and innovation, with ESG-401 showing significant safety advantages and the potential to become Best-in-Class. Detong Capital is eager to see ESG-401 enter clinical trials with the support of this financing round and will continue to provide comprehensive support for the future development of Escugen Biotech."
Mr. Chen Hongwu, managing partner of CASH Capital, said: "CASH Capital appreciates the global cooperation vision and capabilities of the Escugen Biotech team. The company has successfully introduced First-in-Class pipeline products through partnerships with several world-leading biotech companies and research institutions, giving its products significant competitive advantages in technology. We firmly believe that these efforts will soon make the company and its product pipeline stand out in the innovation competition, and CASH Capital will continue to support the company's differentiated and global development strategy."
Mr. Fu Jia, managing director of StartPoint Advisors, said: "Escugen Biotech is led by authoritative experts in the antibody field, and the team has driven the approval or late-stage clinical entry of several blockbuster antibody drugs. As the exclusive financial advisor for this financing round, StartPoint Advisors will continue to provide comprehensive support to the company to help it become a leader in the Antibody 2.0 era."
