China-based respiratory disease treatment developer CF PharmTech raised $50m on Wednesday in a series F round that included SAIC Capital, the corporate venture capital arm of carmaker SAIC.
Investment manager China International Capital Corporation’s CICC Qichen and CICC Qide subsidiaries also took part in the round, as did BioTrack Capital, GP M&A Fund, Watson Investment, Passion Capital and Yuanming Capital.
Founded in 2007, CF PharmTech is working on therapeutics for asthma, rhinitis and chronic obstructive pulmonary disease. The latter is one of the three leading causes of death in China, according to a study published by the US National Institutes of Health.
The funding will drive growth in sales domestically and overseas. The company secured $90m in a January 2020 series E round featuring conglomerate GT Capital and CR-CP Life Science Fund, a joint venture for conglomerates Charoen Pokphand and China Resources Group.
The series E round was led by New Alliance Capital while Finnova Capital, Co-stone Asset Management, Xiangcheng Financial Holdings, Everest Venture Capital, Oriza Holdings, Longmen Venture Capital, GTJA Investment and CMB International also took part.
CF PharmTech had previously received $65m in a 2017 series D round led by Future Industry Investment Fund and reportedly backed by CCB International, a division of financial services firm China Construction Bank, as well as Yuanming Capital, Longmen Capital and Hengyutianze.
Biotechnology producer Shuanglu Pharma is among CF PharmTech’s earlier backers, as are China Galaxy Management, Cowin Capital and SZVC UOB Venture Management, according to China Money Network.
