On August 24, Shanghai Shijian Biotechnology, or Escugen announced the completion of its Pre-A round of financing worth tens of millions of yuan. Cash Capital, Detong Capital, and the China Capital Management all participated in this investment.
Escugen is an innovative antibody research and development company that was co-founded by Dr. Zhou Qing, former Chief Scientist of Jiahe BioTech, and Dr. He Feng, former head in charge of biological quality in Jiahe BioTech, in Zhangjiang District, Shanghai.
The company focuses on developing best-in-class and first-in-class innovative antibody drug, and its first product under research is going to submit the IND applications both in China and the United States in the fourth quarter of 2020.
According to Dr. Zhou Qing, the funds from the Pre-A round will be used for the development of the project's IND and the subsequent pipeline process, as well as the preclinical research and development.
Chen Hongwu, partner executive from Cash Capital, said that Cash Capital believed in Escugen’s ability and vision in global expansion, which had successfully cooperated with many international top biotechnology companies and research institutions to introduce the first-in-class product pipeline that gave its products a significant competitive advantage in terms of technology.