China-based biotechnology company Hua Medicine received $50m in series C funding on Friday from investors including Wuxi Ventures, the corporate venturing subsidiary of medical research firm Wuxi PharmaTech.
The oversubscribed round was led by private equity firm Harvest Investments and also featured Sino-Alliance International Ltd (Sail), an investment affiliate of semiconductor manufacturer Shanghai Simic Electronics.
Frontline BioVentures, Arch Venture Partners, Venrock, Ally Bridge Group, TF Capital, and Eight Roads and F-Prime Capital, which both once operated under the Fidelity banner, also contributed capital. The round was raised in a combination of US dollars and Chinese yuan.
Hua Medicine is working on treatments for diabetes and disorders of the central nervous system. The money will support completion of phase 2 clinical trials and accelerate phase 3 plans for its HMS5552 therapy, which targets type 2 diabetes.
The company will also use part of the cash to advance its pipeline. Hua previously closed a $25m series B round in January 2015 featuring Wuxi Ventures, Sail, Frontline, TF, Arch, Venrock, and Fidelity.
Wuxi Ventures also backed a $50m series A round in 2011, investing alongside Sail, Arch, Venrock, Fidelity Biosciences and Fidelity Growth Partners Asia.
Li Chen, chief executive of Hua, said: “We were fortunate to attract significant investor interest during this round.
“Our team is very pleased to see the market’s recognition of HMS5552’s promising clinical profile and its potential to help treat many of the 422 million diabetes patients worldwide.”