CMAB Biopharma Inc. (Suzhou, China) raised $34 million in a series B round led by new investor CD Capital. Also participating were C-Bridge Capital, Cormorant, Qianhai FoF Fund and Tigermed.
CMAB said it will upgrade its biologics production facilities and expand manufacturing capacity. The facilities will meet global GMP standards and will initially focus on manufacturing preclinical and early stage clinical supplies for companies in China and worldwide.
Spokesperson Fiona Peng said CMAB does not expect to need additional funding until it expands into a separate GMP manufacturing site, which could occur as soon as 2019.
CMAB is located at the Suzhou Industrial Park Biotech Development Co. Ltd. (BioBay) innovation hub in Suzhou.
CD Capital, Cormorant and Tigermed are new investors. The company raised $38 million in a series A round in January (see BioCentury, Jan. 19).