China’s Hua Medicine gets $117m
Hua Medicine, a Chinese clinical-stage biotechnology company, has closed a combined Series D and Series E funding round at $117.4 million with support from a group of VCs.
New investors included Blue Pool Capital, GIC Private, AVICT Global, 6 Dimensions Capital, Ping An Ventures, Mirae Asset Financial Group, and K11 Investments, a vehicle associated with Hong Kong entrepreneur Adrian Cheng. A number of healthcare funds managed by a leading US investment firm were also said to have contributed.
Existing backers participating in the round included Arch Venture Partners, Eight Roads, F-Prime Capital Partners, Venrock Associates, WuXi AppTec Corporate Ventures, Ally Bridge Group and Harvest Investments, as well as Hua Medicine co-founders and management. The capital will be applied in part to ongoing trialing and drug commercialization work for a Type 2 diabetes treatment known as Dorzagliatin.
"From the inception of Hua, the company is committed to developing novel drugs to address significant unmet medical needs globally, and has been supported by our great investors around the world,” Li Chen, CEO of Hua Medicine, said in a statement. “With this round of financing, we will continue our efforts to advance the development of Dorzagliatin so that its novel, beneficial disease-modifying effects can be shared with Type 2 diabetes patients in China first, and then globally.”
Hua Medicine focuses on novel therapies for the treatment of Type 2 diabetes and levodopa-induced dyskinesia in patients with Parkinson’s disease. The Shanghai company notes that of the 425 million diabetes patients worldwide in 2017, 114 million were in China and 53% of those remained undiagnosed.
Previous investment includes a $50 million Series C round led by Harvest Investments in 2016. This followed a $25 million Series B round led by Ally Bridge in 2015 and a $50 million round in 2011 that include participation from Shanghai Alliance Investment.
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