China-based oncology product developer EOC Pharma has raised almost RMB500m ($71m) in a series C round co-led by contract research organisation Tigermed, DealStreetAsia reported today.
Venture capital firm TF Capital and investment firm Yingke PE co-led the round, which included Hanne Capital and Everest Venture Capital Investment. Life Venture was financial adviser on the deal.
Spun off from pharmaceutical firm Eddingpharm, EOC is advancing a pipeline of six cancer therapeutics it has licensed from drug development partners through clinical testing.
In addition to assisting with clinical development, EOC handles local issues such as manufacturing – through an 8,000 square foot manufacturing plant it owns – regulatory filings and commercialisation activities.
The company’s pipeline includes a breast cancer treatment currently in phase 3 clinical trials in the US and China, and a gastric cancer candidate that has completed a phase 2a trial in the US and which is currently undergoing phase 2 testing in China.
EOC had previously received $32m in a November 2017 series B round led by Shandong State-owned Taikang Industry Development Fund, a vehicle co-founded by insurance group Taikang, as well as Sequoia Capital China and H&Q Asia Pacific.
Sequoia China led EOC’s series A round according to the company, but it has not publicly disclosed details of the funding.
