HSINCHU and WUHAN, June 14, 2018 /PRNewswire/ -- JHL Biotech has raised US$106 million in a convertible bond issuance, which closed May 15, 2018. Proceeds raised from the issuance will be used for clinical trials, working capital needs and further development of the company's pipeline of biosimilar treatments. The offering brings JHL's total funding raised to date to US$320 million. VMS Investment Group was the largest subscriber for the issuance, which also included active participation from existing shareholders. Ion Pacific acted as sole financial advisor to JHL for the financing transaction.
JHL Biotech is also pleased to announce the appointment of Ellis Chu as its Chief Financial Officer, effective May 2018. Racho Jordanov, JHL Biotech's Co-Chairman and CEO stated, "We are delighted to have someone of Ellis Chu's caliber join JHL's management team at this critical point in our company's development. Ellis's prior experience will be an asset as business development and the capital markets become increasingly important to JHL."
"With biosimilars taking off in Asia, I am excited to join JHL which has a reputation for manufacturing excellence. This, coupled with a management team possessing deep biologics experience, enables JHL to differentiate itself in a nascent sector that is exploding. With several of our drugs entering late stage clinical trials this year and next, I look forward to playing an active role in helping JHL re-list and navigate its continued growth," said Chu.
Mr. Chu most recently served as a Managing Director and the Head of Greater China at Ion Pacific, an Asia-focused venture capital merchant bank. Prior to Ion Pacific, Ellis spent the bulk of his career in investment banking, including serving as Head of China Mergers & Acquisitions at Bank of America Merrill Lynch. He also held senior investment banking positions at Citigroup, Nomura and Lehman Brothers advising on transactions across multiple sectors, including healthcare. Mr. Chu holds a B.S. in Electrical Engineering from Northwestern University and an MBA from Columbia Business School.
About JHL Biotech
JHL Biotech, Inc. is a biopharmaceutical startup founded by a group of industry veterans with deep experience in pharmaceutical development and operations. JHL is backed by premier financial firms, including Kleiner Perkins Caufield & Byers, Sequoia Capital, Biomark Capital, Milestone Capital, Fidelity, VMS Investment Group, and the China Development Industrial Bank. JHL Biotech's mission is to provide the world with low-cost medicines of exceptional quality. JHL is focused on research and development of new protein-based therapies and biosimilars. JHL has two world-class facilities built in accordance with United States, European Union, and ICH cGMP regulations and standards. For more information, please visit www.jhlbiotech.com.