Suzhou, China, Nov 29, 2021 — Suzhou Abogen Biosciences Co., Ltd. (“Abogen”) announces today that it has completed a $300 million series C+ fund raising led by Softbank Vision Fund (SVF) and series C investor 5Y Capital. New investors participating in this round also include Chimera Abu Dhabi, Fortune Ocean, Jinyi Capital, New Frontier Group, IMO Ventures, Mirae Asset Financial, and DNE capital, etc. This is another strategic funding round after Abogen's $720 million series C financing in August 2021. 

Fundings raised in this round will enable Abogen to accelerate the clinical development of its mRNA vaccine candidate against COVID-19, to rapidly advance multiple drug product candidates into clinical evaluation and to expedite the transformation of its next-gen mRNA platform by integrating interdisciplinary technologies including but not limited to computational biology and artificial intelligence. 

Joanne Xu, Partner at SoftBank Investment Advisers said,“mRNA technology represents a major breakthrough in biotech in recent years. Its value has been validated by the application to COVID-19 vaccines. We believe that Abogen is not only a pioneer in mRNA technology, but also made tremendous improvement in COVID-19 vaccine. We are excited to partner with Bo Ying and team to support Abogen's technology development and global expansion."

Ted Xutian Jing, Managing Director of 5Y Capital noted,“we are thrilled to co-lead Abogen's C+ round fundraising. As a truly disruptive technology, we believe mRNA has many promising prospects in disease prevention and treatment, which will be the future of modern medicine. We are excited to join other existing investors and to offer our support in Abogen's growth into a greater company which has the potential to transform mRNA technology into drugs that benefit thousands of patients in China and worldwide. We also believe that 5Y Capital's investment experiences in AI and automation will further help Abogen accelerate its technology evolvement."

“We are grateful to the continuous commitment and recognition from all of our investors”said Dr. Bo Ying, Founder and CEO of Abogen,“And thanks to the support from all of our collaborators so that we are able to achieve multiple milestones in the race of developing mRNA vaccines against Covid-19. Being a rapidly growing biotech company, Abogen has formed a core team with strong scientific background and the willingness to transform mRNA technology into therapeutic modalities to address otherwise undruggable targets, and we aim to restore hope, health and happiness in the lives of patients most in need. ”

About Abogen

Suzhou Abogen Biosciences is a clinical-stage biotechnology company advancing mRNA-based therapeutics for the treatment of cancer and infectious diseases. Since establishment in early 2019, Abogen has developed its own mRNA technology platform and proprietary delivery system which empowers the development of a series of drug product candidates including vaccines for infectious diseases and therapies for cancer. In June 2020, Abogen’s mRNA-based COVID-19 vaccine has become the first mRNA vaccine approved for clinical trials in China. To date, ARCoV has completed the phase I and phase II clinical studies and is under evaluation of phase III clinical trials. Abogen obtained manufacturing license for COVID-19 mRNA vaccine in Nov 2021. 

About SoftBank Vision Fund（SVF）

The SoftBank Vision Fund seeks to accelerate the AI revolution through investments in market-leading, tech-enabled growth companies across consumer, enterprise software, fintech, frontier tech, health tech, real estate, transportation and logistics, and education sectors. To date, SoftBank Vision Fund 1 and Vision Fund 2 combined have made more than 30+ investments in China.

About 5Y Capital

5Y Capital (formerly known as Morningside Venture Capital) is one of China's earliest early-stage venture investors with billions of dollars under management including both USD fund and RMB fund, from the commitment of sovereign wealth funds, family offices, fund of funds, university endowment and etc. 5Y discovering, supporting and encouraging lonely entrepreneurs, and at the same time, not only insight and industry experience do we provide but also mental and operational support. 5Y Capital's investment portfolio include Ctrip.com (NASDAQ:CTRP), YY (NASDAQ:YY), Xiaomi Corporation(HK:01810), Kingsoft Office (688111.SH), Agora (NASDAQ:API), Xiaopeng Motors (NYSE:XPEV), Kuaishou(HKEX: 1024), We Doctor Group, SenseTime, Horizon Robotics, Pony.ai and etc.