CMAB Biopharma, a China-based CDMO, snagged $34 million in series B financing the company said will be used to upgrade and expand its manufacturing plant.
The company, which specializes in the development and manufacturing of biologics products, said it will use the funds to upgrade its plant in the Suzhou BioBay Park in China.
The funding round was led by CD Capital, with joint participation by C-Bridge Capital, Cormorant, Qianhai FoF Fund and Tigermed.
“We aim to bring our client expertise and knowledge to efficiently advance products from concept into the clinic,” Qibin Liang, CMAB’s president, said in a statement. “This financing furthers our vision to become a fully integrated CDMO platform providing clinical and commercial production services to the Chinese domestic and the international biologics markets.”
The company said its manufacturing facility will be able to generate preclinical and early-stage clinical (phase 1/2) products using manufacturing that follows global GMP standards.