China-US biopharma player raises $47m Series C
Sirnaomics, a China and US-based biopharmaceutical company specializing in gene therapeutics, has raised $47 million in Series C funding across two tranches.
The first tranche of $25 million was completed at $25 million. Yuexiu Industrial Investment Fund took the lead with participation from healthcare-focused Sangel Capital, Tsinghua Holdings Capital and Qianhai Shenghui Investment. The second, which recently closed at $22 million, was led by CR-CP Life Science Fund, a joint venture between China Resources Group and Thailand's Charoen Pokphand Group. It also featured Rich Yield Capital, Rolling Boulder Investment, and Legend Sky Investment.
Founded in the US in 2007, Sirnaomics operates in China via offices in Suzhou and Guangzhou. The company focuses on RNAi (ribonucleic acid interference), a biological process that inhibits the operation of genes that contribute to disease. It is widely used by researchers to “silence” genes in order to learn about their function.
“Sirnaomics is the only biotechnology company conducting clinical drug development in the field of RNAi therapeutics both in the US and China, the two major markets for oncology and fibrosis,” said Da Liu, a managing director of CR-CP Life Science Fund.
Sirnaomics has nine drugs in the pipeline, including one in phase-two clinical trials in the US and another in phase-one. The more advanced product is used to treat hypertrophic scarring, a condition that often occurs after surgical procedures. The company says the market opportunity for this drug is $4.5-5 billion, based on estimates that 62 million scars are formed on average in the US each year as a result of 42 million surgical skin procedures.
Sirnaomics raised a $10 million Series B round in 2016, led by Hong Kong-based venture capital firm Value Measured Investment.
Chinese investors have intensified their focus on US biotech companies in recent years as they seek more attractive valuations, exposure to new technologies, and a larger end-user market. However, tensions between China and the US have led to challenges. Biotech is among the areas impacted by the US Foreign Investment & Risk Review Modernization Act (FIRRMA), which allows for greater scrutiny of Chinese investments.
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