China-based biopharmaceuticals developer Suzhou Zelgen Biosciences has secured RMB400m ($62m) in a series B round co-led by insurance firm Minsheng Life Insurance, China Money Network reported today, citing a company announcement.
Venture capital firms Shenzhen Capital Group and Share Capital co-led the round with Minsheng, and were joined by Northern Light Venture Capital and China Youth Finance Network.
Founded in 2009, Zelgen is developing drugs to treat diseases such as cancer and haematological diseases (ie. those associated with blood), based on small-molecule and protein research and development platforms.
The company has therapies for late-stage liver cancer, colorectal cancer, thyroid carcinoma, nasopharyngeal carcinoma and gastric cancer in clinical studies. The capital will support clinical trials and preparations for the commercialisation of its lead drug candidate, donafenib tosylate.
The series B round follows an eight-figure renminbi sum from China’s National Small and Medium-Sized Enterprises Development Fund, Shenzhen Capital and Yingke Private Equity in 2016, according to China Money Network.