30 August 2019 - - US-based biotherapeutics developer HiFiBiO Therapeutics has closed a USD 67m Series C financing round. The funding was led by new investor IDG Capital, the company said.

The existing shareholders Sequoia Capital China, VI Ventures, Legend Star Capital, and LYFE Capital continued to invest.

New investors Delian Capital, Hanne Capital, and Kite, a Gilead company, also supported this round.

HiFiBiO Therapeutics said it will use the proceeds from the financing to expand its platform efforts and accelerate the development of its novel antibody drug pipeline to treat cancer and autoimmune disorders.

The company, which integrates deep-rooted biological expertise with comprehensive single-cell profiling technologies, expects to have multiple drug candidates advance to the clinical trial phase.

HiFiBiO Therapeutics leverages its unique immune profiling platform and Drug Intelligent Science to target more precise patient subsets and enhance the probability of success, while reducing overall time and costs.

As part of the investment round, IDG Capital will be represented on the company's board of directors by Tiger Hu, MD, MBA.

Founded in Boston in 1992, IDG Capital is an investment firm.

HiFiBiO Therapeutics is an emerging multinational biotherapeutics company mobilising the human immune system to combat disease.