Triastek, a China-based 3D printed drug developer backed by pharmaceutical company Tasly Holding Group, has secured RMB330m ($51m) in series B funding, DealStreetAsia reported yesterday.
The round was co-led by venture capital firm Matrix Partners China and alternative asset manager Citic Private Equity Funds Management, which invested alongside Shanghai Technology Innovation Fund and venture capital firm Yunqi Partners.
Founded in 2015, Triastek is developing 3D printed drugs using melt extrusion deposition (MED) technology, which allows active pharmaceutical ingredients to be compounded in a polymer matrix.
The company is working on common medicines and orphan drugs to treat rare medical conditions and is engineering a drug delivery system which involves the targeted and controlled release of therapeutic agents.
Triastek’s first product candidate is T19, a prospective drug treatment of rheumatoid arthritis that has recently received investigational new drug approval from the US Food and Drug Administration.
The company had previously raised approximately $15m in a December 2020 series A round led by fund manager Dalton Venture that included Yunqi Partners and Zheng Xiaodong, chairman of freeze dryer developer Tofflon Science and Technology.
Tasly, Volcanics Venture and Morningside Venture Partners are also among Triastek’s backers, according to DealStreetAsia.