China-based biotechnology company Hua Medicine closed a $25m series B round featuring Wuxi Ventures, the corporate venturing arm of medical research company Wuxi Pharmatech, today.
Investment platform Ally Bridge Group led the round, which also featured Sino-Alliance International Ltd (SAIL), an investment affiliate of semiconductor maker Shanghai Simic Electronics, as well as Frontline BioVentures, TF Capital, Arch Venture Partners, Venrock, and Fidelity.
Hua will use the funding to accelerate clinical development of its lead product candidate, a treatment for diabetes, and to develop additional treatments for diabetes and central nervous system disorders based on its glucokinase activator technology.
WuXi PharmaTech’s corporate venturing fund was also among the investors in Hua’s last round, a $50m series A raised in 2011, to which Arch Venture Partners, SAIL, Venrock and Fidelity subsidiaries Fidelity Biosciences and Fidelity Growth Partners Asia also contributed.
Edward Hu, WuXi PharmaTech’s chief financial officer and chief investment officer, said: “Given the many compelling, value-creating events in the upcoming year, we are delighted to continue investing in and supporting the growth of the company.”