China drug developer Sumgen raises $32m

Other investors include Cowin Capital, Sinowisdom Investment, Bocom International, and Nanjing Dynamic Balance Investment & Management. The company has raised three previous funding rounds from CNBG, a subsidiary of state-owned Sinopharm, Jianxin Capital, and Xiamen-based Jinfeng Energy Technology.

Founded in 2015, Sumgen focuses on the development of innovative antibody drugs that target oncology. It has eight products in clinical and preclinical research stages.

The company's most advanced treatment, currently in phase-one clinical trials, targets malignant tumors. It enhances the ability of immune cells to recognize tumor cells, activates their attack and killing functions, and mobilizes the body's own immune function to achieve anti-tumor effects. 

Zadaxin, a drug developed by Sciclone Pharmaceuticals, has the same function. Zadaxin played a significant role in combatting China’s SARS outbreak in 2003 and was used again to tackle COVID-19. Hong Zhao, CEO of Sciclone, told AVCJ in a previous interview that the drug was being used in more than 2,000 hospitals in China. 

Other recent investments in Chinese oncology drug developers include a $70 million Series C round - led by Temasek Holdings - for Abbisko Therapeutics. The company is building out a pipeline of early-stage projects in immuno-oncology and targeted therapy areas. Targeted therapy refers to a class of cancer-blocking drugs.

Star Point Advisors served as financial advisor on Sumgen's Series B, according to a statement.

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