After subsisting mostly on Small Business Innovation Research grants and sales of laboratory reagents over the past 15 years, San Diego-based Allele Biotechnology & Pharmaceuticals says it has raised $7 million in its first round of institutional funding.
Yuan Capital, a private equity firm with offices in Beijing and Hong Kong, led the Series A round, according to the company. Joining the deal was Yifang Ventures, an early stage venture firm led by Eric Xu, who co-founded Baidu, the Chinese-language search engine.
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