Next-generation Precision Medicine Company Allorion Therapeutics Completes Series A Financing Round
Allorion Therapeutics, a company focusing on next-generation precision medicine for oncology and autoimmune disease, today announced the completion of $40M Series A financing. This financing round is led by Qiming Venture Partners and participated by IDG Capital, Octagon Capital, Firstred Capital, and Elikon Venture. Existing investors – TF Capital and Med-Fine Capital – continued to support in this round.
The proceeds will be used to support Allorion’s preclinical projects, IND-enabling studies and IND applications of two drug candidates in China and the United States. Allorion will also increase its investment in its platform technologies in the systematic screen for allosteric inhibitors and synthetic lethality targets with matching tool compounds and enhance the clinical and business development teams.
The drug discovery engine of Allorion integrates technological breakthroughs in protein structure, big data, machine learning and gene editing to systematically discover and develop highly selective small molecules, including covalent and allosteric inhibitors of well-validated targets. Allorion has also built a unique synthetic lethality screening platform to expand the scope of targeted therapies for cancer patients, laying a solid foundation for the company’s long-term success. Allorion endeavors in target selection and project execution and upholds high standards of drug discovery and data quality to gain international recognition and collaboration.
Peter Ding, Founder and CEO of Allorion Therapeutics, said, “Over the past year, Allorion has built up R&D capabilities in Boston and Guangzhou and formed a strong management and R&D team. Multiple projects achieved their milestones. The completion of this financing round shows investors’ recognition of the progress and the support for the company’s long-term strategy on highly innovative platforms for best- or first-in-class drug discovery. We are grateful to all the investors for their trust and support. We will continue our efforts in promoting innovative small molecule drugs to clinical research, fulfilling the unmet clinical needs. Allorion will leverage cutting-edge technologies and strive to make precision medicine more precise and accessible to more patients.”
Chen Kan, Principal of Qiming Venture Partners, said, “There are huge unmet medical needs for autoimmune disease and cancer therapy globally. Based on data mining and an in-depth understanding of disease biology, Allorion focuses on the early discovery and development of precision medicines. We have confidence in the team’s strong R&D capabilities.. We hope to support Allorion to grow into a globally-recognized company and improve patients’ life quality.”