The California-based biotech company, Amberstone Biosciences, announced the completion of a $12 million Series A financing jointly led by Sinovation Ventures, Viva BioInnovator (VBI 1873. HK), and Co-win Ventures, with the follow-on investment from CR Capital and a number of new and existing investors.
Amberstone Biosciences has developed a set of innovative high-throughput screening platforms and built unique technologies in conditional immunotherapy. The series of novel pipelines can exert therapeutic effects specifically in the tumor microenvironment, thus bringing innovative solutions for the treatment of solid tumors.
The company plans to use the financing to advance multiple drug candidates in its pipeline that are conditionally activated by the tumor microenvironment, including bispecific antibodies and cytokine agents, to the IND stage.
Mr. SHI Chengxi, Investment Director of Sinovation Ventures, said: “The founding team of Amberstone Biosciences has rich industry experience and diverse backgrounds. The company has developed a world-leading high-throughput single-cell discovery platform, which has greatly improved the success rate of antibody screening. The platform is also utilized to develop and build a series of T-MATE product pipelines generating new T-cell immunotherapy solutions for solid tumors. Sinovation Ventures is very pleased to contribute to the growth journey of Amberstone and hopes to help the company continue to innovate in the field of tumor immunotherapy.”
“We are very grateful for the strong support from our new and existing investors,” said Dr. George Wu, CEO of Amberstone Biosciences. “Through our conditionally activated immunotherapy platform, we aim to rapidly develop safer and more effective treatments for cancer patients. The funding as well as extensive expertise and resources of our investors in this area will bring us closer to achieving our mission.”