Chinese biotech company Arctic Vision raises $32m

The company was incubated in May 2019 by Nan Fung Life Sciences under Hong Kong-based Nan Fung Group and Pivotal BioVenture Partners China. The latter is an affiliate of Nan Fung Life Sciences, according to a statement. Both re-upped in the new round.

Arctic Vision licenses innovative ophthalmology therapies and rolls them out in Asia, with a particular focus on China. Its first product is a treatment for macular edema developed by US bio-company Clearside Biomedical. Arctic Vision has exclusive rights to commercialize the product in Greater China and South Korea.

The proceeds of the Series A will be used to advance clinical trials in China. Arctic Vision also aims to start an in-house R&D platform to broaden the company's scope, with expansion into product development for worldwide distribution under consideration.

"The existing ophthalmology technologies and therapies in China are significantly lagging behind those in developed markets. We expect Arctic Vision to score great accomplishments in the field of ophthalmology," says Dianna Qian, a partner at Pivotal.

Eddy Wu, the company's founder, previously served as head of Terns China Biotechnology, a global biotechnology company where he was responsible for directing and overseeing all aspects of R&D. Wu began his career with Novartis and then moved to Allergan China as executive medical director.

Nan Fung established Pivotal in the US in 2017 as a captive GP with a $300 million fund. It formed a separate China team in 2018. The plan is to invest $200 million in 8-10 companies, but over a longer-than-normal fund life. Incubation is a key part of the strategy.

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• Topics
• Greater China
• Early-stage
• Healthcare
• Pharmaceuticals
• Morningside Technologies