IASO Bio Raises Nearly $75 Million to Advance Cancer Cell Therapy Pipeline
January 18, 2023
China and U.S. based biotech IASO Biotherapeutics closed a nearly $75 million ($500 million RMB) series C1 financing to support the research and development of its pipeline of hematological cancer cell therapies and the commercial launch of its lead cell therapy candidate for the treatment of relapsed/refractory multiple myeloma.
“During the past year, our company has achieved numerous milestones and is on the transition to commercialization,” said Alan Fu, chief financial officer at IASO Bio. “The new funding will help accelerate development and commercialization of innovative drugs, enable us to keep working toward our vision of bringing hope to patients in China and around the world.”
IASO Bio has leveraged its proprietary fully human antibody discovery platform (IMARS), high-throughput chimeric antigen receptor T-cell (CAR-T) drug screening platform, and proprietary manufacturing processes to develop a clinical-stage pipeline of multiple autologous and allogeneic CAR-T and biologics product candidates.
The company also received Breakthrough Therapy Designation from the NMPA in February 2021 and Orphan Drug Designation from the FDA in February 2022. In addition to multiple myeloma, NMPA has accepted its IND application for the new extended indication of Neuromyelitis Optica Spectrum Disorder (NMOSD).
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