China-based drug developer Hinova Pharma closed a $40m series B round on Monday that was co-led by Fosun Pharmaceutical, the pharmaceuticals producer part-owned by conglomerate Fosun.
Private equity fund Hermed Capital co-led the round, which also featured Lang Sheng Investment, Prosper Capital, Silicon Valley Torch Fund, Chengdu Dingjian New Material Partnership and Hengxing Capital.
Founded in 2013, Hinova Pharma is developing drug treatments for disease areas including cancer and metabolic disorders.
The company’s lead candidate, HC-1119, is set to commence global phase 3 clinical trials in metastatic castrate-resistant prostate cancer, an advanced form of the disease that resists treatments even after male sex hormones known as androgens have been reduced in the body.
HC-1119 is a novel androgen receptor antagonist that was formed by stripping certain hydrogen atoms from an existing prostate hormone therapy called enzalutamide.
The candidate yielded a two-fold increase in anti-tumour activity over enzalutamide during preclinical studies, and also demonstrated potential in preventing epileptic side effects. Hinova hopes to launch HC-1119 in 2022 across China, the US and other global markets.
Proceeds from the series B round will help fund the global study of HC-119 while also supporting phase 1/2 clinical research targeting gout. The company has seven additional drug candidates under development.
Hinova secured an undisclosed amount of series A funding from pharmaceutical company Haisco in January 2017, after collecting an undisclosed sum three years before from Winpower, a division of state-owned investment firm Chengdu Hi-tech Investment, according to China Money Network.