Great Bay Bio's Funding Goals Set at $30M

Hong Kong-based biotech firm, Great Bay Bio (GBB), is gearing up for a significant funding round with aspirations to generate between $20M and $30M. GBB's chairman and co-founder, Kingsley Leung, in a conversation with DealStreetAsia has revealed that this Series B round is anticipated to conclude by year-end.

Here’s the lowdown:

• A sizable fraction of the target $30M funding has already been pledged in soft commitments by current investors. The new capital is planned to bolster the sales team for commercialization of its new platform. GBB intends to set up a research and development center in Shenzhen and broaden its US footprint with a Boston office.

• Last year's pre-Series B round raised $15 million, led by Tiger Jade Capital, a healthcare-focused private equity firm associated with China's premier clinical research services firm, Tigermed. Other notable investors include Hillhouse Capital, Gobi Partners, and Proxima Ventures.

• GBB has raised an impressive total of approximately $30M through three rounds of financing. They have also received HK$21.5 million ($2.7M) from Hong Kong Science and Technology Parks Corporation (HKSTP) to aid in expanding their business outside Hong Kong and in their pursuit of unicorn status.

GBB employs artificial intelligence and other innovative technologies to simplify and streamline bioprocessing. This strategic focus is aimed at overcoming the hurdles of lengthy timelines, high costs, and low success rates in drug development, and other bioprocessing-related industries.

The company acknowledges the significance of traction in the US and Europe, as prominent biopharma companies are based in these regions. Success here could foster confidence among Chinese biopharmaceutical firms to utilize GBB's platforms.