# Affinity Biopharma

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/affinity-biopharma

- Industry: Biotechnology
- Headquarters: Shanghai, China
- Website: www.affinity.net.cn
- Total disclosed funding: $98M
- Latest round: Series B (Sep 23, 2025)
- Investors on record: 16

## About

Established in 2012 and based in Shanghai, China, Affinity Biopharma, together with its main subsidiary Qinhely, operates as a clinical biomedical company that focuses on anticancer drugs development. The company cooperated with I-MAB Biopharma. The company held the QHL-108 phase II/III clinical trial national kick-off meeting in September 2021. Chen Liu, the founder of the company, served as a professor of the department of immunology at Scripps research institute in the USA. The company's QHL-236 Legutaxel clinical trial application passed in April 2022. 

In December 2024, Affinity Biopharma raised over CNY 400 million in series B2 funding led by new investor CS Capital. In September 2025, Affinity Biopharma raised approximately CNY 300.00 million in series B3 funding led by returning investor BIO-TOWN Capital, with participation from new investors Orchid Asia Group and Shanghai Zhijun Fund Management and returning investor Hongfu Investment.

The company develops tumour microenvironment-activated (TMEA) platform technology. Its platforms are divided into two series, which include the small molecule platform and the macromolecule platform. The small molecule platform includes TMEA-SMDC platform. The macromolecule platform includes TMEAbody® platform, TMEAkine® platform, TMEA-ICE® platform and ADC platform. In addition, the company engages in pipeline R&D, which includes coupled small-molecule drugs and coupled biologics. Its listed product is Gelsooth oral antibacterial gel.

Affinity Biopharma generates revenue by developing tumor microenvironment-responsive drug development platform.

The series B3 financing will provide strong impetus for Affinity Biopharma's global innovative drug clinical research process, accelerate the company's technology platform and drug research and development, and meet the urgent clinical needs in the field of tumor treatment.

## Funding rounds

- Series B, Sep 23, 2025, $42M — Orchid Asia Group, Hongfu Investment, BIO-TOWN Capital, Shanghai Zhijun Fund Management
- Series B, Dec 2, 2024, $56M — China Growth Capital, CS Capital, Essence Capital, China Reform Securities Capital, Hongcheng Investment Management, Guoyuan Innovation Investment, Hongfu Investment, BIO-TOWN Capital, Hongyao Science and Technology
- Series B, Jul 6, 2023 — Ciit Asset Management, Huaige Capital, Haiwang Capital, Hongfu Investment
- Series A, Jul 6, 2022 — Industrial Guoxin Asset Management Co.,Ltd., Hongfu Investment
- Series A, Sep 1, 2021 — SDIC Venture Capital

## Investors

- SDIC Venture Capital (https://capitalatlas.ai/funds/sdic-venture-capital) — Series A
- Industrial Guoxin Asset Management Co.,Ltd. — Series A
- Hongfu Investment (https://capitalatlas.ai/funds/hongfu-investment) — Series A, Series B
- Ciit Asset Management (https://capitalatlas.ai/funds/ciit-asset-management) — Series B
- Huaige Capital (https://capitalatlas.ai/funds/huaige-capital) — Series B
- Haiwang Capital (https://capitalatlas.ai/funds/haiwang-capital) — Series B
- China Growth Capital (https://capitalatlas.ai/funds/china-growth-capital) — Series B
- CS Capital — Series B
- Essence Capital — Series B
- China Reform Securities Capital (https://capitalatlas.ai/funds/china-reform-securities-capital) — Series B
- Hongcheng Investment Management (https://capitalatlas.ai/funds/hongcheng-investment-management) — Series B
- Guoyuan Innovation Investment — Series B
- BIO-TOWN Capital (https://capitalatlas.ai/funds/bio-town-capital) — Series B
- Hongyao Science and Technology — Series B
- Orchid Asia Group (https://capitalatlas.ai/funds/orchid-asia-group) — Series B
- Shanghai Zhijun Fund Management (https://capitalatlas.ai/funds/shanghai-zhijun-fund-management) — Series B