11 March 2023 | Saturday | News
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The funds raised in this round will primarily support upcoming Phase I/II clinical trials in both China and the U.S. and the identification of clinical candidates for additional programs. Allorion will also continue to advance its established and validated early discovery platform technologies, including an allosteric inhibitor screening platform and a platform for discovery of synthetic lethality targets and molecules. The funds will also enable Allorion to further build world leading clinical development and business development teams.
As the Series B financing round concludes, Dr. Gregory Berk has officially joined Allorion as the Chief Medical Officer (CMO). Dr. Berk is a clinical research expert with over 30 years of experience in novel drug development. He will be responsible for building clinical teams in the U.S. and China, as well as designing and overseeing the Phase I/II clinical trials in both countries. Before joining Allorion, Dr. Berk held senior management positions as SVP or CMO at several renowned biotech/biopharma companies in the U.S., including Abraxis BioScience, Intellikine, BIND BioSciences, Sideris Pharmaceuticals, and GT Biopharma. His extensive clinical trial experience and industry network will help Allorion transition from preclinical research to the clinical development stage, developing new drugs to address significant unmet medical needs while creating value for the company.
Regarding the successful Series B financing, Peter Ding, Allorion's co-founder and CEO commented, "We sincerely appreciate the recognition of and support from both new and existing investors who participated in this round of financing. Since its launch in July 2020, Allorion has established wet labs in both Boston and Guangzhou, and currently has a strong R&D team of more than 50 full-time employees. In just two and a half years, the company has advanced two small molecules to IND stage in both China and the U.S. Our highly innovative technology platforms have generated first-in-class small molecule programs with immense clinical and commercial value, some of which have progressed to the clinical candidate selection stage. Allorion is also actively pursuing collaboration and co-development opportunities with several global pharma companies, who have shown great interest in our programs at this year's JPM conference, demonstrating a global recognition of our innovation. Upholding a science- and data-driven R&D strategy, we will continue to fully leverage our team's capabilities, platforms, and funds to advance clinical development and address unmet medical needs for patients."
JP Gan, the founding partner of INCE Capital, said, "With outstanding industry experience and excellent execution, Allorion has built and validated several world-leading early discovery platforms for next-generation precision medicines, including an allosteric inhibitor screening platform, a synthetic lethality target and molecule discovery platform, and an AI-enabled drug design platform. The team has also successfully advanced two molecules discovered by these platforms to the IND stage. We look forward to the clinical data of its leading assets and believe that the company's platforms will continue to generate highly innovative pre-clinical candidates to address significant unmet medical needs and serve patients around the world."
Kan Chen, Partner at Qiming Venture Partners commented, "Allorion team consists of industry veterans from well-known biopharmaceutical companies such as Novartis, Merck, and Eli Lilly, who boast rich experience in small molecule drug discovery. The team has advanced two molecules to the clinical stage and verified the company's allosteric inhibitor and synthetic lethality screening platforms, demonstrating its strong execution capability. We are very much looking forward to the clinical data, additional high-quality drug candidates generated by the company's technology platforms, and its collaboration with international and Chinese pharma, driving more innovations valuable to human health."
Wei Cheng, Managing Director of TF Capital, commented, "It's very impressive that Allorion built a strong team with global competitiveness in just two and a half years. TF Capital is proud to support Allorion from angel round all the way through the B financing round and is happy to witness the company deliver exciting results one after another. Successfully entering the clinical stage is a critical milestone. We look forward to Allorion's continued progress in early drug discovery, clinical studies, and business collaboration, ultimately benefiting patients all around the world."