SHANGHAI, December 01, 2021--(BUSINESS WIRE)--ITabMed today announced it has completed the spin-off iTAb™ (immunotherapy antibody) platform and closed $20M Series A-round financing. Earlier in this year, Evive Biotech (formerly Generon BioMed Ltd) and Dr. Xiaoqiang Yan formed a joint venture and established ITabMed Ltd. with the full support from Evive and its shareholders. The JV company will focus on continued development of products derived from iTAb™ platform.
The iTAb™ platform has been optimized over the last 10 years aiming to improve the clinical safety windows and to overcome the manufacturing-related challenges. The patented iTAb™ platform will allow the company to generate bi- or tri-specific T cell engagers. Two leading products, A-319 and A-337 are already in phase I clinical development. Multiple iTAb drug candidates are at different stages of preclinical development.
ITabMed recently closed series A-round financing, co-led by 3E Bioventures Capital and Yonjin Capital, and joined by Binhai Venture Capital. 3E Bioventures and Yonjin Capital are both active biotech investors, with a focus on innovation, with a track-record of success and good reputation.
ITabMed founder and CEO, Dr. Yan said: "We sincerely thank series A-round investors for supporting our continued efforts to bring safe and efficacious products to patients. We share the same mission ‘innovating for life’ and wish to grow together. We also thank the shareholders of Evive Biotech for their help and support."
Dr. Karen Liu, partner of 3E Bioventures commented: "Dr. Yan is a successful serial entrepreneur and a veteran drug developer. He is also a great scientist with a passion for innovation. T-cell engager is an important therapeutic approach in developing immune therapies. There are many drug candidates under development globally, but very few are approved because of issues relating to safety. We see the unique safety advantages of iTAb products and hope they will translate into real human drugs soon." Mr. Wen Chen said: "We are confident in the ITabMed team led by Dr. Yan. They experienced a 20-year path in new drug R&D in China with an outstanding track-record. We are committed to support the company and to bring new immunotherapy drugs to cancer patients."
ITabMed is a clinical-stage biotech company located in Shanghai, China. The company was founded in 2020 and is registered in Lin Gang Sci-Tech City, Shanghai. It was a spin-off entity from the former "Generon BioMed Ltd.". The company is focused on immunotherapy drug research and development to treat cancer. (www.itabmed.com)
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