French-Belgian biotech PDC*LINE bags USD 22.2M in a Series B funding

A clinical stage biotechnology company, PDC*line Pharma, focused upon developing a new class of effective and scalable active immunotherapies for treating cancers, recently announced completion of a Series B round of funding. The company has raised a total of USD 22.2 million.

The new funding round, which is the first after the last fundraising round in 2017, has been able to capture the attention of new investors, acquiring a further capital increase of USD 15.5 million. Moreover, the biotech company will receive an amount of USD 6.8 million in loans and subsidies from the region of Wallonia located in Belgium. Apparently, the region has backed the company since it started its operations there, in 2016.

As per sources close to the matter, PDC*line Pharma has attracted 5 new investors-  two Belgian funds, Sambrinvest (the investment fund of Charleroi) and SRIW (The Regional Investment Company of Wallonia), Korean Investment Partners( the leading multi-billion dollar South-Korean fund) and  two further South-Korean funds, UTC 2019 BIOVENTUREFUND and Shinhan-Cognitive Start-up Fund.

These new investors will be joining the company’s historical investors, which include SFPI-FPIM, Investment Company, the Belgian Federal Holding, Noshaq Group (ex-Meusinvest), a group of international business angels, the INVESTSUD Group/ Financière Spin-off Luxembourgeoise, and renowned entrepreneurs.

Eric Halioua, President & Chief Executive Officer of PDC*line Pharma was reportedly quoted saying that the company is humbled by the trust its investors have placed in them and the opportunity to successfully complete this fund raising.

Halioua further remarked that the competitive edge of the company’s vaccinal platform in cancer immunotherapy and the noteworthy achievements they have made over the last 3 years, including the start of phase I/II trials in Belgium and France in NSCLC  (non-small-cell lung cancer) and signing of a significant licensing deal with the Asian LG-Chem, have proved to be key factors, which have positively influenced investors’ decisions.

Source Credit: https://www.pdc-line-pharma.com/news/pdcline-pharma-raises-eu20-million-222m-series-b-financing-round