Ablaze Pharmaceuticals Launches with $75m Series A Financing to Bring Novel Targeted Radiopharmaceuticals to Treat Cancer Patients in the Greater China Market
SHANGHAI and SAN DIEGO, Nov. 29, 2021 /PRNewswire/ -- Ablaze Pharmaceuticals ("Ablaze"), a clinical-stage pharmaceutical company focused on the development and commercialization of innovative targeted radiopharmaceutical therapies (TRT) against tumor targets, announced a $75 million Series A financing round. The financing was co-led by Vivo Capital and AdvanTech Capital with participation from RAYZ Investments, Nan Fung Life Sciences, Pivotal bioVenture Partners China, venBio Partners, Samsara BioCapital and Venrock Healthcare Capital Partners.
"Targeted radiopharmaceutical therapies represent the next foundational modality to treat cancer," said Dr. Ken Song, co-founder and Chairman of the Board of Ablaze and President and CEO of RayzeBio, Inc. "In forming Ablaze, we realized to be successful, it was critical to have a company focused on the China market and focused on radiopharmaceuticals."
With TRT gaining broader interest and adoption, Ablaze was formed to become the leading radiopharmaceutical company to introduce TRT products to the Greater China market. Led by an experienced team and a strong investor syndicate, Ablaze started on a solid footing, anchoring with a strategic RayzeBio in-licensing agreement, and a partnership with an academic institution on a clinical stage asset. Upon closure of the Series A, Ablaze is also actively exploring other potential partnerships, and building strong internal development capabilities.
"TRT is an emerging field that has already demonstrated tremendous clinical efficacy in treating cancer worldwide. We are privileged to have an opportunity to partner with Ablaze and the RayzeBio team in developing this category of potentially life-saving therapeutics for cancer patients in China." said Dr. Hongbo Lu, Managing Partner of Vivo Capital.
Proceeds from the Series A financing will be used by Ablaze to establish a leading pipeline of advanced TRT products for the treatment of solid tumors, expand the leadership team, build up infrastructure for radiopharmaceuticals and secure further strategic collaborations. The board of directors include Dr. Alex Qiao, co-founder and President and CEO of Ablaze Pharmaceuticals, Dr. Hongbo Lu, Benjamin Qiu, Partner at AdvanTech Capital, Dr. Aaron Royston, Managing Partner at venBio Partners, and Dr. Ken Song as well as Norman Tse, Vice President at Nan Fung Life Sciences as board observer.
"We believe Ablaze is bringing world class design of TRT products as well as clinical expertise to China through collaborations with global leaders in TRT, and is determined to be a leading player in China's TRT innovations" said Mr. Benjamin Qiu.
"We are excited about this opportunity to bring a novel class of therapeutic products to benefit patients in China," said Dr. Alex Qiao. "This investment from top tier investors in China and abroad provides a strong endorsement to Ablaze's vision and business model. We look forward to creating the best and differentiated medicines to address unmet medical needs in China."
About Ablaze Pharmaceuticals
Founded in 2021, Ablaze Pharmaceuticals is a clinical-stage pharmaceutical company with a mission to bring advanced targeted radiopharmaceutical therapies (TRT) to benefit cancer patients in China. Since its inception, Ablaze has secured a partnership with RayzeBio, Inc., an innovative radiopharmaceutical company based in San Diego CA, to gain exclusive development and commercial right to a series of RayzeBio's products in the greater China region. Leveraging its team's extensive business experience and network in cross-border product development and deal making, Ablaze strives to become the leader and the partner of choice in the emerging TRT market in China by working with strategic business partners in both China and abroad. For more information, please visit www.ablazepharma.com
About Vivo Capital
Founded in 1996, Vivo Capital is a global investment firm focused on healthcare. Vivo has approximately $5.8 billion in assets under management, invested in over 310 public and private companies worldwide. The firm is headquartered in Palo Alto, California, with additional offices in Asia. The Vivo team consists of more than 50 multi-disciplinary professionals, including, physicians, scientists, entrepreneurs, operating executives, and industry experts.
Vivo provides a multi-fund investment platform, covering growth equity, private equity including buyout, venture capital, and public equity. Vivo invests broadly in healthcare across all fund strategies, including biotechnology, pharmaceuticals, medical devices, and healthcare services, with a focus on the largest healthcare markets.
About AdvanTech Capital
Launched in January 2016, AdvanTech Capital is a private equity fund, focused on innovation-driven growth capital in China. AdvanTech, focuses on healthcare and TMT / e-Services sectors, is managed by over a dozen seasoned investment professionals with local and overseas educational background, as well as diversified and in-depth local knowledge, practical deal execution capabilities and experiences.
About Nan Fung Life Sciences & Pivotal bioVenture Partners China
Nan Fung Life Sciences is a global life sciences investment platform with a long-term capital commitment from the Nan Fung Group. The team possesses diverse experience with long track records in company formation, venture capital, growth/buyout investments, and drug discovery and development. For more information, please visit https://www.nanfunglifesciences.com
Pivotal bioVenture Partners China, a member of Nan Fung Life Sciences, is a venture capital firm specializing in the healthcare and life sciences industry. Its investment strategy is centered on identifying promising innovative products and technologies and bringing them to build out new companies in China. For more information, please visit https://www.pivotalbiovp.cn