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Tuesday, May 17, 2022

AskGene Lands $20 Million in Series A Round

Clinical-stage biopharmaceutical company AskGene Pharma Inc. announced the completion of a $20 million Series A financing round led by Qiming Venture Partners and TF Capital that will be used to advance the company’s therapeutic pipeline and prodrug platform.

Clinical-stage biopharmaceutical company AskGene Pharma Inc. announced the completion of a $20 million Series A financing round led by Qiming Venture Partners and TF Capital that will be used to advance the company’s therapeutic pipeline and prodrug platform.

AskGene, which specializes in immunotherapies for cancers and autoimmune diseases, is dual based in Camarillo and Nanjing, China.

“This is an exciting time for our company,” Jeff Lu, AskGene’s chief executive, said in a statement. “We are advancing several potentially first-in-class or best-in-class molecules from our SmartKine platform to preclinical development and clinical development later this year.”

Lu added that two AskGene clinical programs are progressing and that the company looks forward to results from multiple clinical programs later this year and next year.

“Cancer is still one of the major disease burdens for patients and IO (Intraosseous infusion) has demonstrated its effectiveness,” William Hu, managing partner of Qiming Venture Partners, said in a statement. Qiming is a Chinese venture capital firm with offices in China and the U.S. It currently manages 10 U.S.dollar-based funds and has more than $6.2 billion in assets under management.

“AskGene’s team shows deep understanding in IO and protein engineering. We believe their proprietary platform continues to generate more pipelines to clinic and market,” Hu added.

 

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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