Suzhou's Adagene Raises $8 Million For Antibody Discovery

Adagene Inc., a Suzhou antibody discovery and engineering company, closed an $8 million Series A round of financing with participation by two Fidelity funds -- Fidelity Biosciences and Fidelity Asia Growth -- along with the WuXi Venture Fund, the investment arm of WuXi PharmaTech (NYSE: WX) (see story). Adagene partners with other pharmas to develop antibodies for the partners' needs and is also building its own portfolio of products, which it will out-license later in their development.

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