Ping An Ventures, the corporate venturing arm of insurance group Ping An, has led a $20m series B round for China-based pharmaceuticals developer Xgene Pharma, ChinaBio Today has reported.
Zhongtai Investment, a subsidiary of diversified conglomerate Sinar Mas, also took part in the round, as did life sciences-focused venture capital firm TF Capital and Morningside Venture Capital, a subsidiary of investment firm Morningside Group.
Founded in 2016, Xgene Pharma is working on small-molecule drugs to help fight chronic pain, infectious diseases and tumours.
The company’s lead drug candidate is in phase 2 clinical trials in the US targeting chronic pain by combining an analgesic called naproxen with pregabalin, a therapy marketed as Lyrica by pharmaceutical firm Pfizer which currently has generic versions in several countries.
Xgene will use the funding to advance its product pipeline with the aim of becoming a first-class drug developer, according to InvestSize. It does not appear to have previously disclosed funding.