Shanghai/Boston, Dec. 31, 2024---VelaVigo Cayman Limited (hereinafter referred to as “VelaVigo” or the “Company”), a biotech company focusing on the discovery and development of multi-specific antibodies and antibody-drug conjugate (ADC), today announced it had completed the pre-A round of financing of nearly $50 million. Led by Panacea Venture and Shanghai Healthcare Capital, with further support of existing shareholder HighLight Capital (HLC), this round of financing was jointly participated by a number of well-known investment institutions including Everjoy Fortune, Zoo Capital, Delian Capital and Legend Star.

This round of financing will be used to advance VelaVigo’s innovative drug pipeline and accelerate core R&D projects into clinical development, focusing on the development of differentiated innovative treatment plans in fields such as oncology and autoimmune diseases.

Dr. Jing Li, Founder & CEO of VelaVigo, said, “We are honored to receive recognition and support from both new and existing investors. Through three years of unremitting effort by our team, several project pipelines have been progressed rapidly, and remarkable achievements have been made in business partnerships. These positive developments show the company’s strong capabilities in execution, innovation, and business expansion. This financing will accelerate our core projects into clinical research and, through independent R&D and external cooperation, further facilitate the development of differentiated innovative treatment plans to create more commercial value. Meanwhile, we will continue to attract and develop outstanding talent for the ongoing growth and development of the company.”

James Huang, Founder and Managing Partner of Panacea Venture said: “Panacea Venture is a life sciences venture fund with global vision and reach dedicated to transforming lives through promising innovation. As an angel investor of VelaVigo, we have witnessed the company's evolution, development and many achievements since its inception. Under the leadership of an outstanding management team, VelaVigo has established powerful technology platforms in key areas such as target discovery, protein engineering, and ADC drug development, which greatly enhances its research and development efficiency. We firmly believe that VelaVigo will continue to advance more innovative products into the clinic and will be recognized by global partners to develop them and bring benefit to patients worldwide.”

Samuel Guo, Partner of Shanghai Healthcare Capital (SHC) said: “SHC has been focusing on the progress of R&D of innovative dual antibody and next-generation ADC drugs, and investing in leading enterprises in this field. As one of the first companies to deploy in the area of multi-target and multi-epitope ADCs, VelaVigo has established multiple differentiated and FIC pipelines through its unique target discovery platform, antibody engineering platform, and coupling technology platform, demonstrating impressive R&D strength and global perspective. We believe that Dr. Li’s team will bring China's innovative biopharmaceuticals to the world and develop better treatment solutions for patients.”

About VelaVigo

VelaVigo is a leading antibody/ADC discovery and development biotech company with a highly efficient discovery engine and strong capabilities in translational medicine, CMC and early clinical development. Since its inception in 2021, VelaVigo has built an extensive pipeline of over ten FIC/BIC multi-specific antibodies and ADC molecules for oncology and autoimmune diseases. It has also set up VelaVigo Bio, Inc. in the US to drive clinical development and partnership globally.

Its leading products are expected to enter clinical development in the US and China in 2025. VelaVigo continues to build partnerships in clinical development, technology platforms, and with investors to maximize the efficiency of drug development and return on investment.

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PR@velavigo.com