AffaMed Therapeutics Announces Completion of over US$170 Million Series B Financing Led by Lake Bleu Capital to Further Development of Ophthalmic and Neuroscience Pipeline

AffaMed Therapeutics, a global clinical-stage biopharmaceutical company dedicated to addressing critical unmet patient need in ophthalmic, neurological and psychiatric disorders, today announced the completion of over US$170 million in Series B financing. The oversubscribed financing was led by Lake Bleu Capital, with participation by new investors including Partners Investment, Superstring Capital, Orion Science Capital, and Fountainhead Partners, and with continuing support of its founding investor CBC Group. Proceeds from the financing will be used to advance clinical development of AffaMed's robust pipeline of innovative therapeutic candidates, progress business development and partnering activities, and support preparations for future commercialization.

Since its inception in 2019, AffaMed has built an exceptional global platform to develop therapeutics and solutions to serve patients in Greater China and worldwide. AffaMed has assembled world-class capabilities in clinical development, regulatory affairs and business development under the leadership of its CEO, Dr. Dayao Zhao, a seasoned industry veteran who has previously served as Head of China R&D for Pfizer; as Head of China R&D at the Janssen Pharmaceutical Companies of Johnson & Johnson; and as Genzyme's head of Japan and Asia Pacific R&D.

Dr. Zhao commented: "AffaMed has established a strong portfolio of therapeutic candidates in ophthalmology and neuroscience and has made significant progress in developing its pipeline over the past year. With the support of this outstanding syndicate of investors who share our vision, we are well-positioned to transform AffaMed into a leading biopharmaceutical company in our chosen therapeutic areas while advancing our pipeline and pursuing new strategic partnerships."

Dr. Bin Li, Founding Partner, CEO and Chief Investment Officer of Lake Bleu Capital said: "AffaMed is a promising biopharmaceutical company with an unparalleled pipeline targeting neurological, psychiatric and ophthalmic disorders. We believe in AffaMed's world-class management team, clear China and global business development plan, and impressive execution capabilities. Lake Bleu Capital is delighted to partner with the AffaMed team to support their globalization strategy and help unlock new treatment paradigms that will ultimately make a tangible difference to patients globally."

Wei Fu, CEO of CBC Group, commented: "AffaMed has built a robust clinical-stage portfolio with significant market potential, and has articulated a clear and transformative strategy for developing new therapies. Investing in the human talent behind biopharmaceutical companies like AffaMed is at the core of CBC Group's value creation strategy. We look forward to continuing to support AffaMed's strong leadership team as it accelerates growth to the next level."

AffaMed Appoints Dr. Ji Li as President and Board Member

In addition to today's financing news, AffaMed has announced the appointment of Dr. Ji Li as President and member of its Board of Directors. A highly accomplished senior pharmaceutical executive with extensive business development and R&D experience, Dr. Li has previously served as Executive Vice President and Global Head of Business Development at BeiGene; as Vice President of Business Development and Licensing at Merck Research Laboratories, a subsidiary of Merck & Co. Inc.; and as Executive Director of External R&D at Amgen. Dr. Li holds a Ph.D. in Neuroscience from Mount Sinai School of Medicine, and a B.S. in Pharmacology from Shanghai Medical University.

Dr. Li commented: "I am pleased to join AffaMed at this pivotal time in the company's development. The management team deeply appreciates the trust shown in AffaMed by our existing and new investors, and we are confident we will successfully advance AffaMed's strategic plan to strengthen and broaden our portfolio towards serving the unmet medical needs of millions of patients in Greater China and the rest of the world."

About AffaMed Therapeutics

AffaMed Therapeutics is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs in ophthalmic, neurological and psychological disorders for patients in Greater China and around the world. The leadership team of AffaMed Therapeutics has gained deep industry expertise and an extensive track record in high-quality clinical development, regulatory affairs, CMC, business development and commercial operations at leading multi-national pharmaceutical companies in China and globally. AffaMed Therapeutics was founded and funded by the CBC Group in 2019.

About Lake Bleu Capital

Based in Hong Kong, S.A.R., China and Shanghai, Lake Bleu Capital (www.lakebleu-cap.com) is a multi-billion investment platform focused on healthcare space. Lake Bleu Capital's USD public equity fund is one of the largest healthcare specialist funds in Asia. Thanks to its outstanding performance since inception, the fund has been awarded as the sole winner of the "5 Year Award: Over 500m category" by AsiaHedge in 2020 and the "Best Asia ex-Japan Fund" by industry authorities multiple times in recent years. Lake Bleu Capital is also active in mid-to late-stage private equity investment in China's healthcare sector. It has successfully invested in over 40 high quality private companies and provided the invested companies with strategic value- add services while growing with the companies in the long run.

About CBC Group

CBC Group (formerly C-Bridge Capital) is one of the largest and most active healthcare-dedicated investment firms in Asia focused on platform-building and buyout opportunities across three core areas within the healthcare sector: pharmaceutical & biotech, medtech and healthcare services. CBC's operationally intensive approach empowers healthcare sector champions to make transformative changes to enable sustainable long-term growth, fulfill unmet medical needs and continuously improve the standard of living and quality of care in China and the rest of Asia. Founded in 2014, CBC has a strong team of investment, healthcare and portfolio management professionals based across Singapore, Shanghai, Beijing, Hong Kong, S.A.R., China, and New York.