China's CF PharmTech raises $50m Series F
CF PharmTech, a Chinese medical devices maker focused on innovative respiratory products, has raised a $50 million Series F round with support from CICC Capital.
CICC participated via the CICC Qide Innovative Biopharmaceutical Equity Investment Fund, which raised RMB1.6 billion ($226 million) earlier this year, and CICC Qichen Emerging Industry Equity Investment Fund, which closed at RMB3 billion in 2018.
SAIC Capital, BioTrack Capital, Watson Capital, Yuanming Capital, and Passion Capital also contributed. It comes six months after a $90 million Series E led by New Alliance Capital. A $65 million Series D was raised in 2017 led by SDIC Fund Management, a GP under China’s State Development & Investment Corporation.
CF PharmTech designs and manufactures a portfolio of about 20 products targeting China and global markets, including inhalers and nasal sprays used to treat asthma, bronchitis and emphysema, as well as nebulizers, which deliver medicated mist to the lungs to treat cystic fibrosis. According to a release, the company is targeting a market of almost 300 million people in China who suffer from asthma, chronic obstructive pulmonary disease or rhinitis.
Respiratory illnesses are considered a promising investment area due to high technological barriers to entry. CF PharmTech operates four separate R&D platforms covering 3,000 square meters at the National Technology Park of Jiangnan University. They specialize in metered dose inhalers, dry powder inhalers, nasal sprays, and nebulizers.
Medical devices have steadily declined as an investment destination in recent years due to industry consolidation and increasing complications around regulatory hurdles, and commercialization processes. Specialist investors have continued to find value, however, in the potential to serve massive markets with relatively underdeveloped innovation ecosystems. China aims for 95% of devices used in local hospitals to be domestically produced by 2030.
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