Source: Leidi (touchweb)
On March 17, Leidi reported that the biopharmaceutical company Yisheng Biopharma (YS Biopharma Co., Ltd.) has completed the business combination with the special purpose company Summit Healthcare Acquisition Corp. (“Summit Healthcare”) and listed on NASDAQ in the United States under the stock ticker “YS”.
Through the merger of Yisheng Biopharma and Summit Healthcare, the company simultaneously completed approximately US$36 million in equity financing, which will be used for the clinical development and future commercialization of the company’s vaccines.
Dr. Shao Hui, CEO and director of Yisheng, said, “Landing on NASDAQ is an important milestone in the company’s development history, laying a solid foundation for the company’s long-term development and further internationalization. We look forward to a brighter future for the company as a NASDAQ-listed company.”
According to reports, based on the breakthrough of the new PIKA pickup immune regulation technology, Yisheng Biopharma focuses on the research, development and commercialization of anti-virus and anti-tumor innovative vaccines and biological products.
Products that have entered the development stage of Yisheng Biopharma include YS-ON-001 for the treatment of advanced solid tumors, YS-HBV-001 vaccine for the prevention of hepatitis B infection, and biomacromolecular drugs for the treatment of hepatitis B infection YS-HBV-002, and Pika rabies vaccine for rapid protection after exposure to rabies virus.
On February 24, 2021, Yisheng Biopharma announced the completion of over US$130 million in Series B financing, jointly led by Oceanpine and OrbiMed. After the completion of the B round of financing, the institutional investors of Yisheng Biotech include: Haipine Capital, Aobi Capital, Eight Roads Capital, F-Prime Capital, 3W Capital, Hillhouse Capital, Adjuvant Capital, Heyu Capital, AIHC, Yipu Capital, Superstring Capital, Haitong International, etc.
Summit was founded by Fu Wei, the founder of Kangqiao Capital. Snow Lake Capital and the Valliance Fund participated in the subscription as cornerstone investors.