China-based virus, tumour and cardiovascular therapeutics developer Genuine Biotech raised $100m in series B funding today from investors including pharmaceutical firm Shanghai Desano Pharmaceuticals.
Private equity firms Efund Capital and Yingke PE co-led the round, which included consultancy ABC Group’s ABC Capital vehicle and investment firm China Fortune Financial Group.
Founded in 2012, Genuine Biotech is developing therapies intended to treat viral and cardiovascular diseases in addition to cancers. Its lead candidate, Azvudine, targets viruses including HIV and Sars-Cov-2, which cause Aids and covid-19 respectively.
The company will use the money to conduct further research and development (R&D) for novel drugs, as well as registering additional clinical projects and commercialising Azvudine, which has been approved by China’s National Medical Products Administration, it said.
Efund Capital had joined Goldlark (Hong Kong) Asset Management to back a series A round of undisclosed size for Genuine Biotech in November 2020.
Genuine Biotech CEO and chief scientist Du Jinfa said: “The novel drug R&D environment in China is getting better and better in recent years. Chinese innovative therapeutics developers are flourishing, and our company has taken advantage of the best era for innovative drug discovery in the country.
“Following the completion of the series B financing round, we are very keen to pursue an initial public offering in Hong Kong.” (Translated from Chinese by Global Corporate Venturing)
