EpimAb Biotherapeutics, a Shanghai-based biopharmaceutical company that specializes in bispecificantibodies, announced the completion of a $74 million Series B financing round on Wednesday.

The funding round was co-led by SDIC Fund and Sherpa Healthcare Partners. The company has now raised over $100 million from two rounds of fundings.

"The completion of our Series B financing will allow the company to accelerate its transformation into a mid-size company that is rapidly growing," said Wu Chengbin, founder and CEO of EpimAb Biotherapeutics.

Wu noted that the new funds will allow the company to advance its clinical pipeline of novel bispecific antibodies.

Based in Zhangjiang in Shanghai's Pudong New Area, EpimAb has emerged as "one of the most innovative Shanghai-based biotech companies with a global vision", said Li Dongfang, director at SDIC Fund who join the board of EpimAb with immediate effect following the conclusion of the company's Series B financing.

"With EpimAb's proprietary platform, strong scientific portfolio and well-organized management, we are confident of its development in the upcoming years and are determined to become part of this exciting and unique enterprise," Li said.

Shanghai has highlighted the development of biomedicine as a strategically important sector in its ambition to become a global hub of science and innovation. Zhangjiang is China's first biopharmaceutical hub that is currently incubating more than 400 biomedicine companies.

Wang Junlin contributed to this story