HSINCHU, May 11, 2015 /PRNewswire/ -- JHL Biotech, Inc., an emerging biopharmaceutical company, today announced that it has closed a Series C fundraising of $45.6 million, led by funds managed by a global renowned crossover fund with over US$1.6 trillion in AUM, with participation from existing investor Milestone Capital and new investors Sungent BioVenture and Liwick Investment Management. Since its inception in 2012, JHL Biotech has raised over US$135 million in new equity issuances.
The company intends to utilize the proceeds toward continuing development of its biosimilar programs through clinical trials, enabling the construction of a fill-finish facility in Wuhan's commercial manufacturing plant, expanding its pre-clinical novel therapeutic portfolio, and applying the rest towards working capital. With this round of financing, JHL has now secured capital necessary to complete the full development and BLA filing of at least two of its proprietary biosimilar compounds.
"We are thrilled to see this extraordinary level of investor confidence in our prospects," added Racho Jordanov, President and CEO of JHL Biotech. "As we prepare to file for a listing on the Taiwan Emerging Stock Market, closing this round of financing validates our position in the market, and provides us with the capital needed to push through to the next phase of our product development."
Since the last round of financing, JHL has completed the TFDA inspection on its Hsinchu facility, manufactured and released its first 500L GMP Drug Supply for a CMO client for Phase 1 human use in Australia, and is on track to filing its first biosimilar IND in the EU within 2H2015. JHL has also added an IND-enabling 200L scale pilot facility in Wuhan to support China-for-China CFDA filings.
About JHL Biotech
JHL Biotech is an emerging biopharmaceuticals company founded in December 2012 by a group of biotech veterans and seeded by a consortium of top-tier venture capital firms. JHL focuses on high-quality, cost-effective bioengineering as well as innovative manufacturing solutions to develop, manufacture, and commercialize world-class affordable biologic medicines. JHL also enables global partners with the opportunity to access the local China market through domestic bioengineering, process development and cGMP manufacturing services.
For more information, please visit our website at www.jhlbiotech.com.
Director of Strategy & Corporate Finance
SOURCE JHL Biotech