China-based radioactive medicine developer Chengdu New Radiomedicine Technology (CNRT) has raised RMB116m ($16.8m) in a series B round led by BTG International Asia, a subsidiary of healthcare provider BTG.
The round was filled out by commitments from investment firms Hangzhou Ruizhao and returning investor Ningbo Zhongchao Investment. BTG invested approximately $11m in the round for a 10% stake in the business.
Founded in 2016, CNRT is developing medical isotopes designed to diagnose and treat several forms of cancer.
BTG will work with the company to bring its radiation therapies to cancer patients in China, collaborating on regulatory approval, production and commercialisation of its TheraSphere platform.
Louise Makin, chief executive at BTG, said: “After an extensive evaluation, we believe that CNRT is a uniquely qualified collaboration partner for BTG in China, including in expediting the introduction of TheraSphere to the Chinese market.
“Together we aim to develop innovative therapeutic nuclear medicines to effectively address unmet patient needs and improve lives in what is likely to become one of the world’s most important markets for interventional oncology.”
In October 2018, New Radiomedicine raised $14.5m in a series A round backed by undisclosed investors, valuing the company at $31.9m.