AAA Virogin generates $80m in financing

Virogin generates $80m in financing

China Structural Reform Fund Corporation, a vehicle for conglomerates China Merchants Group and China Chengtong Holding, has led an $80m series D1 round for Canada-headquartered cancer treatment developer Virogin Biotech, DealStreetAsia has reported.

Forebright Capital, GP Capital, Young Label, Champion Ascend and Panlin Capital also took part in the round, which followed about $94m in earlier funding according to Virogin’s website.

Founded in 2015, Virogin is developing oncolytic viruses which are engineered to target and kill tumour cells as well as trigger an anti-tumour, immune system response in cancer patients. The funding will support its preclinical and clinical programmes and the strengthening of its partnerships.

Virogin had raised $62m in a September 2020 series C round co-led by CDH Investments and CMG-SDIC Fund, a vehicle jointly formed by China Merchants Group’s China Merchants Capital subsidiary and Chinese state-owned investment firm SDIC Fund Management.

The Canadian branch of Peking University’s alumni organisation also participated in the series C round, as did Korea Investment Partners, Panlin Capital and Xiaoxi Holdings. Pharmaceutical firm Sinopharm had provided $10m for Virogin in 2018 through subsidiary Sinopharm Capital.

The company had raised an undisclosed amount of pre-series B funding from investors including Sangel Capital, Borun Capital, Cannova Capital and PurityStar the previous year.

Sangel Capital led Virogin’s $5m series A-plus round in 2017, with backing from Purity Star, Dahua Investment, Top Fortune Ventures and Furong Capital, an investment and commercialisation subsidiary of Fudan University.

GP Capital led a $7m round for the company in 2016 with participation from Sangel Capital,  Purity Star, Dahua Investment and Top Fortune Ventures. Its website also lists Broad Resources Investment and LingDao Capital as existing investors.