Amberstone Biosciences Raises $12 Million in Series A Funding to Advance Its Tumor Therapy Programs

3D rendering of cancer cells.

Biotech startup company Amberstone Biosciences announced today that it raised $12 million in a Series A business funding round led by Viva BioInnovator, Co-win Ventures, and Sinovation Ventures.

Securing Funding for Its Innovative Drug Discovery Engine

The biotech startup company also said that ChangRong Capital, Lifespan Investments, and existing shareholders took part in the Series A business funding round.

Amberstone plans to use the fresh business funding to facilitate the development of its unique tumor microenvironment-activated therapeutic solutions. According to the startup company, these cancer programs are based on bispecific antibodies and immunocytokines.

“We are tremendously grateful for the strong support from our new and existing investors,” said George Wu, Ph.D., president and CEO of Amberstone Biosciences.

“With our unique Tumor Microenvironment Activated Therapeutics (T-MATE™) programs, we aim to develop safer and more effective therapies to benefit cancer patients. The funding and broad expertise and resources in the field provided by our investors will take us another step closer to our mission.”

Han Dai, Ph.D., Chief Innovation Officer at Viva Biotech, said Amberstone’s T-MATE therapeutic molecules are a revolutionary discovery in the immune-oncology space.

“Viva is excited to work with Amberstone and syndicate partners to support its mission to provide next-generation innovative treatment options to patients,” Dai added.

Xin Huang, a Managing Partner at Co-win Ventures, argues that T-cell immunotherapy has faced immense issues within the microenvironment of solid tumors. However, thanks to its innovative drug discovery engine, Amberstone is expected to resolve these challenges and advance the solid tumor treatments, Huang said.

Founded in 2018, Amberstone Biosciences is a fast-growing biotherapeutics startup company specializing in targeted active immunotherapeutics developed to fight solid tumor cancer and other diseases.

The biotech startup company has developed a revolutionary high-throughput single-cell platform built by a team of experts across biology, engineering, and therapeutic development areas.

Amberstone Biosciences has attracted participation from Viva Bioinnovator and Co-win Ventures. The former is a venture capital (VC) arm of Viva Biotech Holdings, which invests in global biotech entrepreneurs and startup companies focused on addressing medical bottlenecks across different therapeutic fields.

Co-win Ventures is a VC business that is focused on backing healthcare and technology, media, and telecom (TMT) companies. To date, the VC business has managed 17 independent US dollar and/or RMB funding rounds and has provided business funding to more than 140 startup companies.

Peter Wu, a partner at Sinovation Ventures, believes Amberstone has “uncapped growth potential.” As such, the startup company’s management team synergizes well with Sinovation Ventures’s mission to back deep-tech innovators and companies.

Last month, French healthcare business giant Sanofi announced it acquired immuno-oncology company Amunix Pharmaceuticals. The deal is said to be worth around $1 billion, plus $225 million available in milestone payments.

The move comes on the heels of Sanofi’s several previous acquisitions of companies that specialize in therapies that modulate the immune system to treat cancer. Amunix Pharmaceuticals’s flagship product is AMX-818, a protein that recruits T-cells to eradicate HER2, which promotes the growth of cancer cells.

Summary

Biotech startup company Amberstone Therapeutics announced today that it obtained $12 million in a Series A business funding round. The startup company will use the raised capital to advance the development of its innovative cancer therapeutic solutions.

Adriaan Brits

An analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in advanced analytics and media.

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