China-based cancer and metabolic disease drug developer Hinova Pharmaceuticals has completed a RMB1bn ($147m) series C round that included clinical research organisation Tigermed, DealStreetAsia reported today.
Sinopharm-CICC, a private equity fund formed by pharmaceutical company Sinopharm and fund manager CICC Capital, also took part, as did CCB International, an affiliate of financial services firm China Construction Bank, and Sealand Innovation, part of brokerage firm Sealand Securities.
The round was filled out by Founder Securities subsidiary Founder H Fund, municipal-owned investment firm Shenzhen Investment Holdings, Huarong Rongde Asset Management, Infinity Group and DNV Capital.
Hinova is working on treatments for cancer and metabolic diseases, and has nine drug candidates in its pipeline. The capital will fund clinical trials and commercialisation of its drug products.
The company’s pipeline includes a metastatic castration-resistant prostate cancer candidate in phase 3 clinical trials and a treatment for gout and hyperuricemia – a condition where there are abnormally high levels of uric acid in a patient’s blood – at phase 2 stage.
The latest funding comes after Hinova received $32m in series B-plus funding from six investors including PE GF Xinde Investment in January this year, according to DealStreetAsia.
Fosun Pharmaceutical, the pharmaceutical producer majority-owned by conglomerate Fosun, had co-led the company’s $40m series B round with private equity fund Hermed Capital in July 2019.
The series B included Lang Sheng Investment, Prosper Capital, Silicon Valley Torch Fund, Chengdu Dingjian New Material Partnership and Hengxing Capital. It followed undisclosed amounts from pharmaceutical company Haisco in 2017 and Chengdu Hi-tech Investment’s Winpower subsidiary in 2014.
