Alternative Bio Launches with $15M in seed funding led by Eight Roads Ventures with F-Prime Capital and Sequoia China Seed Fund

SINGAPORE, December 15, 2022 /PRNewswire/ — Alternative Bio Inc. (“ABio”), a privately held biotechnology company developing novel therapeutics targeting a previously unexplored class of post-translational modifying enzymes, today announced its series seed co-led by Eight Roads Ventures -$15 million funding announced by F-Prime Capital and Sequoia China Seed Fund. The funds will be used to leverage an innovative discovery platform and advance the Company’s lead drug candidates to treat some of the most intractable cancers.

Alternative Bio is co-founded by world-renowned scientists with expertise in signaling, gene expression regulation, cancer biology and drug discovery. The scientific co-founders are Holiday LanPh.D., Professor and Vice Dean of the Institute of Biomedical Sciences at Fudan University; Yang ShiPh.D., Professor of Epigenetics, University of Oxford and the Ludwig Cancer Research Institute and member of the American Academy of Arts and Sciences and the National Academy of Medicine; and Or Gozani, MD, Ph.D., the Morris Herzstein Professor of Biology University at Stanford. dr Lan, Shi, and Gozani have published over 400 articles, including dozens of high-impact studies with implications for human health and disease, such as the groundbreaking discovery of Dr. Shi’s group unveiling LSD1 as a methyl eraser, overturning a long-held dogma in the field and noting the dynamic nature of methylation signaling.

Research and insights from the co-founders’ labs have previously led to the formation of several biotech companies, including Constellation Pharmaceuticals (acquired by MorphoSys in 2021 for $1.7 billion), with Dr. Shi as scientific co-founder and Dr. Lan as a founding scientist; K36 Therapeutics, with Dr. Gozani and Shi as scientific co-founders; and EpiCypher, Inc, with Dr. Gozani as co-founder.

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“There is remarkable potential to translate the groundbreaking discoveries of the three world-renowned scientists into breakthrough therapies. Eight Roads Ventures, together with F-Prime Capital, intends to work with ABio to drive strong momentum in advancing a novel class of drugs into life-changing medicines for patients by translating breakthrough biology,” said the Eight Roads partner Xin Liu.

Trency GuManaging Director of Sequoia China, stated, “ABio has assembled a world-class team of biologists and serial founders. We are excited to be a part of this new venture and look forward to working with the team to unlock the potential of an untapped destination space.”

About Alternative Bio (“ABio”)

Alternative Bio’s mission is to translate the discovery of novel regulatory hubs of protein synthesis into best-in-class, precision medicines to treat the most challenging cancers. The company’s vision is to be a global pioneer in this new research area by advancing breakthrough therapies that benefit cancer patients worldwide.

About Sequoia China Seed Fund

The Sequoia China Seed Fund is an early-stage fund initiated by Sequoia China that focuses on seed and angel-round investments. Since 2018, the Sequoia China Seed Fund has invested in more than 300 startups representing early structural innovations in technology, healthcare and consumers and built several unicorn companies.

About Eight Roads Ventures / F-Prime Capital

Eight Roads is a global proprietary investment firm backed by and managed by Fidelity 11 billion dollars of assets across branches in China, India, Japan, UK and USA. We focus on investments in technology and healthcare companies in early to early growth stages.

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F-Prime Capital, backed by Fidelity, is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has been privileged to back great entrepreneurs building iconic companies like Denali, Beam, Innovent, Prime Medicine, Orchard, Iora, Devoted Health and Ultragenyx.

CONTACT: Elaine YANG, [email protected]

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