CHENGDU, China--(BUSINESS WIRE)--HitGen announces the completion of RMB 250 Million Series B fund raising. This round of fund raising was led by CDH, a leading VC and PE firm in China, and Leadyond capital. According to the company, the proceeds from this round of fund raising will be used to expand and enhance its core drug discovery technology platform, DNA-encoded library design, synthesis and screening, as well as to accelerate the research and development of its therapeutic programs.
HitGen is a platform company based on its leading DNA-encoded library (DELs) technology for innovative drug discovery research. Its continuously expanding DELs consist of over 900 individual libraries with over 200 Bn novel small molecules, and is among the largest and most diverse screening libraries in the world. HitGen’s publically announced number of collaborations is currently leading in the field, with over 50 active collaboration partners including Johnson & Johnson, Pfizer, MSD, Takeda, Boerghinger Ingelheim, BASF, etc. HitGen is also the only technology provider of this kind in Asia.
Commenting on this round of fund raising, HitGen’s founder, Chairman and CEO, Dr Jin Li said “we are very pleased to receive investment from CDH and Leadyond capital. CDH has over 15 years of investment history and experience in the biomedical industry, with a highly professional and specialist investment team. The parties have shared vision about the future of HitGen and its development path and ecosystem. We believe that HitGen’s development will benefit from CDH’s capital, resources and related technologies such AI and its applications in drug discovery”.
CDH’s Founding Partner Mr Lin Wang also commented “we are very pleased to enter this strategic collaboration with HitGen. Although founded less than six years, HitGen has established this world leading DNA-encoded library technology platform for drug discovery, and has received recognition and endorsement from the biopharmaceutical industry leaders. Its revenue and profits in the last couple of years have grown markedly. We will bring our resources to help HitGen strengthen its core technology and realize the full commercial potential.”
For more information, you may visit www.hitgen.com
Dr. Jin Li, Founder, Chairman & CEO, HitGen Ltd., Tel: +86 28 85197385 (Ext: 8001)