Chime Biologics Announced $17.4 Million Funding from Panacea Venture to Boost Its Rapid Growth
- Chime Biologics increased revenue in 2022 by nearly 80% compared to previous year, achieving net operating cash inflow to support sustainable development
- Chime Biologics has received $17.4M funding from Panacea Venture Healthcare Fund I, L.P. (hereinafter referred to as “Panacea Venture”)
As the biopharmaceutical industry welcomed its “spring” at the end of 2022, Chime Biologics achieved commercial manufacturing target in the circumstances of severe economic situation and increased competition on the market.
In 2022, Chime Biologics received $17.4 million financing from Panacea Venture, an investing and incubating R&D innovative life science company. The investment will help to improve Chime Biologics’ technology platform and biologics commercialization capabilities, expand international footprint.
In the same year, Chime Biologics started the first commercial manufacturing of Lepu Biopharma’s anti PD-1 monoclonal antibody Puyouheng ™ (pucotenlimab injection) approved by market. Chime Biologics is now progressing the commercial manufacturing of multiple consecutive batches with Lepu Biopharma, and the first batch of commercialized products has been successfully delivered. There will be more projects entering clinical phase III and commercial manufacturing conducted in Chime Biologics every year subsequently.
Chime Biologics’ strict quality management system has passed the GMP certification of the National Medical Products Administration and EU quality inspections, which confirmed the international quality compliance of KUBio manufacturing factory. With the advanced facilities and development capabilities for biologics, we provide customers a one-stop biologics CMC solution.The implemented 3 advanced lines we have for water injection, lyophilization and pre-filling, aim to provide support throughout the life cycle from drug development to manufacturing.
On October 1, 2022, the European Business Center of Chime Biologics in Germany was officially established, with Mr. Berkan Ünal, a local executive in Germany, serving as the Head of the European Business Center. It also laid a foundation for the company to achieve global development and serve customers and partners around the world efficiently. With global customers oriented, Chime Biologics will better meet the growing demand for one-stop biopharmaceutical services to benefit the worldwide patients.
About Panacea Venture
Panacea Venture is a healthcare focused venture capital firm, with offices in Shanghai, Hong Kong, and Silicon Valley. Founded in 2017, Panacea Venture focuses on investing in and incubating early-stage life science companies with breakthrough technologies and discoveries that can potentially address unmet medical needs and enhance the quality of life on a global scale. We currently manage three USD funds and one RMB fund. Our investment team members are located across China, U.S., and Europe, with an extensive coverage of all the major global life sciences hubs.
About Chime Biologics
Chime Biologics is a leading CDMO with the world’s first modular biopharmaceutical factory, KUBio. It empowers the entire biologics processes – from cell line development to commercial manufacturing. Chime Biologics provides one-stop CMC solutions to worldwide biomedical customers, relying on cell line development and advanced technology development from its Shanghai Innovation Center and proven success in IND-enabling through BLA filing at its Wuhan campus. We share a common goal to make cutting-edge biologics affordable and accessible to all patients globally, fulfilling its commitment to human health.