SHANGHAI and SAN DIEGO, November 29, 2021 / PRNewswire / – Ablaze Pharmaceuticals (“Ablaze”), a clinical-stage pharmaceutical company focused on the development and commercialization of innovative targeted radiopharmaceuticals (TRTs) against tumor targets, announced a $ 75 million Series A financing round. The financing was co-led by Vivo Capital and AdvanTech Capital with participation from RAYZ Investments, Nan Fung Life Sciences, Pivotal bioVenture Partners China, venBio Partners, Samsara BioCapital and Venrock Healthcare Capital Partners.
“Targeted radiopharmaceuticals represent the next fundamental modality for treating cancer,” said Dr. Ken Song, co-founder and chairman of the board of directors of Ablaze and president and CEO of RayzeBio, Inc. “In forming Ablaze, we realized that in order to be successful, it was essential to have a business focused on China market and focused on radiopharmaceuticals.
With wider interest and adoption of TRT, Ablaze was formed to become the leading radiopharmaceutical company to introduce TRT products to the world. Greater China Marlet. Led by an experienced team and a strong syndicate of investors, Ablaze started off on a solid foundation, building on a strategic RayzeBio licensing agreement and a partnership with an academic institution on a clinical-stage asset. At the close of Series A, Ablaze is also actively exploring other potential partnerships and developing strong internal development capabilities.
“TRT is an emerging field which has already demonstrated considerable clinical efficacy in the treatment of cancer worldwide. We are privileged to have the opportunity to partner with Ablaze and the RayzeBio team to develop this category of potentially life-saving therapies for cancer patients in China. “said Dr. Hongbo Lu, Managing partner of Vivo Capital.
Proceeds from the Series A financing will be used by Ablaze to establish a leading pipeline of advanced TRT products for the treatment of solid tumors, expand the leadership team, build an infrastructure for radiopharmaceuticals and secure new strategic collaborations. The board of directors includes Dr. Alex Qiao, co-founder and CEO of Ablaze Pharmaceuticals, Dr. Hongbo Lu, Benjamin qiu, partner at AdvanTech Capital, Dr. Aaron Royston, Managing Partner at venBio Partners, and Dr. Ken Song as good as Norman Tse, vice president of Nan Fung Life Sciences as an observer of the board of directors.
“We believe Ablaze brings world-class TRT product design and clinical expertise to China through collaborations with global TRT leaders, and is determined to be a leading player in from China TRT innovations, ”said Mr. Benjamin qiu.
“We are thrilled with this opportunity to bring a new class of therapeutic products to benefit patients in Chinasaid Dr. Alex Qiao. “This investment by leading investors in China and overseas brings strong endorsement to Ablaze’s vision and business model. We look forward to creating the best differentiated medicines to meet unmet medical needs in China. “
About Ablaze Pharmaceuticals
Founded in 2021, Ablaze Pharmaceuticals is a clinical-stage pharmaceutical company with a mission to provide advanced targeted radiopharmaceutical (TRT) therapies for the benefit of cancer patients in China. Since its inception, Ablaze has partnered with RayzeBio, Inc., an innovative radiopharmaceutical company based in San Diego California, to obtain the exclusive development and the commercial right of a series of RayzeBio products in the largest China Region. Leveraging its team’s extensive business experience and network in cross-border product development and deal making, Ablaze strives to become the leader and partner of choice in the emerging TRT market by China working with strategic business partners in both China and abroad. For more information, please visit www.ablazepharma.com
About Vivo Capital
Founded in 1996, Vivo Capital is a global healthcare investment firm. Vivo has around $ 5.8 billion in assets under management, invested in more than 310 public and private companies around the world. The company is headquartered in Palo Alto, California, with additional offices in Asia. The Vivo team consists of more than 50 multidisciplinary professionals, including doctors, scientists, entrepreneurs, operational managers and industry experts.
Vivo provides a multi-fund investment platform, covering growth equity, private equity including buyout, venture capital and public capital. Vivo invests heavily in healthcare across all fund strategies, including biotechnology, pharmaceuticals, medical devices and healthcare, with a focus on the largest healthcare markets.
About AdvanTech Capital
Launched in january 2016, AdvanTech Capital is a private equity fund, focused on growth capital focused on innovation in China. AdvanTech, which focuses on the healthcare and TMT / e-Services sectors, is managed by more than a dozen seasoned investment professionals with local and foreign training, as well as diverse and in-depth local knowledge, practical transaction execution capabilities and experiences.
About Nan Fung Life Sciences & Pivotal bioVenture Partners China
Nan Fung Life Sciences is a global life sciences investment platform with a long-term capital commitment from the Nan Fung Group. The team has a diverse background with extensive experience in business creation, venture capital, growth / buyout investments, and drug discovery and development. For more information, please visit https://www.nanfunglifesciences.com
Pivotal bioVenture Partners China, a member of Nan Fung Life Sciences, is a venture capital firm specializing in the health and life sciences industry. Its investment strategy is focused on identifying innovative and promising products and technologies and leading them to create new businesses in China. For more information, please visit https://www.pivotalbiovp.cn
SOURCE Pharmaceuticals on fire