HSINCHU, June 20, 2014 /PRNewswire/ -- JHL Biotech, Inc., an emerging biopharmaceutical company, today announced that it has closed a Series B financing round of $35 million, led by new investors Milestone Capital and a consortium of Taiwan venture capitalists and individuals, including President International Development Corp., Fubon Financial Holdings, Taishin Financial Holdings, TaiAn Technologies, Hotung Group, Dr. Allen Chao (founder of Watson Pharmaceuticals), and existing Series A shareholders China Development Industrial Bank, Biomark Capital, and Kleiner Perkins Caufield & Byers.
JHL will deploy the new funds toward developing its proprietary biosimilar monoclonal antibody pipeline and accelerating its filing of investigational new drug applications, whilst supporting the ongoing facility expansion in Taiwan and acquiring additional equipment for its commercial manufacturing facility in Wuhan, mainland China, which is expected to be completed by 2014 year-end.
"Our investors recognize the hard work and progress we have made towards our mission of bringing affordable, quality medicines to Asia through our cross-strait presence in Taiwan and mainland China," said Racho Jordanov, President and CEO of JHL Biotech. "We are proud to be backed by these top-tier investors, both original and new, and look forward to continuing our work together to develop, manufacture, and commercialize world-class medicines."
JHL completed the construction of its clinical manufacturing facility in Hsinchu, Taiwan in December 2013 and has since formed partnerships with domestic academic and government institutions to discover new molecular entities, as well as with regional and global biotech and pharmaceutical companies to develop oncology and immunology drug candidates.
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 that included Kleiner Perkins Caufield & Byers, Biomark Capital, China Development Industrial Bank, and Sequoia Capital, with the mission to develop, manufacture, and commercialize world-class, affordable biologic medicines.
JHL Biotech focuses on high-quality, cost-effective bioengineering as well as innovative product development technologies that follow current Good Manufacturing Practices (cGMP). In its first year, JHL Biotech has five biosimilar programs and one new molecular entity in development. JHL plans to submit its first clinical trial and investigational new drug applications in 2015.
For more information, please visit our website at www.jhlbiotech.com.