Xbiome, a Chinese drug development platform that utilises AI, has pocketed nearly $100 million in a Series B round.
The fresh round saw participation from investors including 5Y Capital, Legend Capital, China-focused private equity firm Primavera Capital, Gaorong Capital, and HIKE Capital.
Xbiome plans to primarily invest the proceeds in clinical trials, investigational new drug applications (IND) in China and the US, as well as pipeline candidates. Besides, it also aims to accelerate programmes such as the setting up of an innovation centre in the US, a technology platform update, and global expansion.
With a team of professionals from Harvard University, MIT, Stanford University, and John Hopkins university, the Shenzhen-based Xbiome utilises AI in the treatment of intestinal diseases.
In June this year, one of its FMT-based drugs received approval from the US Food and Drug Administration (FDA) entering into clinical trials. As of now, it has also submitted pre-IND to China’s Center for Drug Evaluation (CDE).
Set up in 2017, it has launched five proprietary pipelines.
In May this year, it has inked a development agreement with China’s biopharmaceutical major 3SBio Group in a bid to co-work on the therapy on kidney diseases, it said.
Xbiome’s previous investors also consist of ZhenFund, Alvin Capital, alternative asset manager YiMei Capital, healthcare industry-led Yael Capital, and Lihe Hongxin Investment.