Rockville-based Hibiscus BioVentures has partnered with Chinese firm Innoforce to enhance both companies' development of advanced therapy medicinal products (ATMPs), biologics derived from cells, tissue or genes. Innoforce, which is headquartered in Hangzhou but also has offices in Rockville, uses partnerships as a business model. It opened a new Advanced Cell and Gene Therapy Development Facility in Hangzhou last year, and will cut the ribbon on a new manufacturing facility there this summer.
Hibiscus focuses its efforts on identifying unmet needs of patients to develop novel therapies that are commercially viable. "We are excited to partner with Hibiscus, which brings a highly experienced team and unique model to develop new technolgoies that address important unmet medical needs," Innoforce CEO and co-founder Yuling Li Ph.D. said in a statement this morning. "The partnership will leverage our drug development experience with Hibiscus' pipeline initiatives in alignment with Innoforce's mission to enable global development of novel, advanced biotherapeutics." Hibiscus is located at 2277 Research Boulevard in Rockville.