Virogin Biotech, a China-based cancer drug developer backed by pharmaceutical firm Sinopharm, has received $62m in a series C round co-led by alternative asset manager CDH Investments, DealStreetAsia reported on Monday.
CMG-SDIC Fund, a partnership of investment manager China Merchants Capital and state-owned investment unit SDIC Fund Management, co-led the round, which also featured the Canadian branch of Peking University’s alumni organisation.
Korea Investment Partners, Panlin Capital and Xiaoxi Holdings filled out the series C round.
Virogin Biotech engineers oncolytic viruses to form cancer vaccine candidates with the potential to selectively infect and destroy cancerous cells.
The company claims that its platform provokes a strong antiviral immune response that leads to long-term protection against tumour growth.
The series C capital will allow Virogin to seek industry partnerships and prepare its existing drug portfolio for the clinic.
Virogin Biotech’s lead candidate, VG161, has been cleared for a phase 1 clinical trial in Australia, although a date for the study’s launch was not provided.
The company has now raised at least $77m in funding since it was founded in 2015.
Sinopharm had supplied $10m in early 2018 through its investment unit Sinopharm Capital, after a pre-series B round of undisclosed size the previous March backed by Sangel Capital, Borun Capital, Cannova Capital and PurityStar, according to DealStreetAsia.
Furong Capital, an investment and commercialisation arm of Fudan University, previously backed a $5m pre series A-plus round led by Sangel Capital in 2017 that also included Purity Star, Dahua Investment and Top Fortune Ventures.