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Innoforce Raises $157 Million for Cell Therapy, Gene Therapy and RNA CDMO

publication date: Dec 6, 2021
author/source: Richard Daverman, PhD

Hangzhou Innoforce closed a $59 million tranche that, when added to an earlier $96 million funding in March, brings its Series A round to $157 million. Innoforce is a biopharmaceutical manufacturing & development company. The company will use the proceeds to advance its GMP biomanufacturing capabilities, including increasing cell & gene therapy capacity and growing its RNA manufacturing platform. It will also support INF's biopharma R&D facilities, which will create tailored partnerships with entrepreneurial scientists and companies for drug development and other services.

Earlier this year, Innoforce formed a partnership with China-US clinical CRO dMed. The two companies will work together to develop innovative therapeutics, forming partnerships with third-parties to provide capital, manufacturing and marketing expertise, especially for China-headed biopharma products, but also for global markets.

The Series A financing round was co-led by Yanchuang Capital and South China Venture Capital (SCVC) with additional investment from existing investor Quan Capital Management. In the most recent tranche, Yanchuang Capital increased its investment and  also participating were new investors that included Advantech Capital, Triwise Capital, CICC Capital, Highrun Capital, Euland Venture, S&G CAPITAL and others.

"We are extremely proud of the near completion of the first phase of construction of the Innoforce campus in Hangzhou and our progress towards planned, staged GMP operations in the coming year. Our fundraising activities have enabled establishing our joint venture with biologics manufacturing, opening our process development laboratories, and building our team," said Dr. Yuling Li, CEO of Innoforce.

"Cell, gene & RNA therapies represent among the greatest opportunities for breakthrough innovation in the biomedical field. We are thrilled to support Innoforce in building a unique platform that will help partners realize the potential of these & other technologies to transform the way we treat diseases," said Ms. Liu Zeng, CEO of Yanchuang Capital.

Mr. Benjamin Yumin Qiu, Head of Healthcare investment at Advantech Capital, added, "We are pleased to support the Innoforce team as they establish their manufacturing & development capabilities that will make them a strong partner enabling innovation of advanced cell, gene, RNA & biologic therapies."

Innoforce describes itself as a partnership-focused biopharma established to enable and accelerate the innovation of breakthrough medicines. By the middle of 2022, Innoforce will offer end-to-end contract development and manufacturing services (CDMO), including GMP manufacturing of plasmid DNA, RNA, viral vector and cell products. Through a joint venture with a dMed, a supplier of life sciences products & services, the company also provides CDMO services for antibody and protein drugs.

See our other articles on Innoforce.

Disclosure: none.





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