Chinese virotherapy specialist Binhui Biotech raises $93m
Wuhan-based Binhui Biotech has raised RMB600 million ($93 million) in Series C funding led by Shenzhen-based Share Capital. Other investors include CICC Capital, Vertex Ventures China and Qianhai FOF under Shenzhen Capital Group.
Existing backer Lapam Capital re-upped in the round. It is one of three major investors listed on Binhui's website alongside Lepu Medical and Fortune Capital.
Founded in 2010, Binhui focuses on virotherapy, which involves using viruses to destroy cancer cells. In addition to single-drug therapies, it has developed combined therapies with various antibodies and launched clinical trials.
The new capital will be used to fund the phase two and three trials of the company's key product - a new type of oncolytic herpes simplex virus, known as OH2. Phase one trials have found it to be safe and effective in the treatment of solid tumors. Phase two trials started in February 2020.
A similar Chinese company, Virogin Biotech, received $62 million in Series C funding last year. Both Binhui and Virogin believe that combination therapies are the future of cancer immunotherapy. Oncolytic virotherapy could feature prominently because it works well in combination with other treatments.
Cancer is gradually surpassing cardiovascular disease as the leading cause of death in high-income countries. While China doesn’t yet qualify as a high income, as it gets older and richer, the proliferation of cancer is inevitable.
This offers some interesting context to the country’s efforts in cell-based immunotherapies, one of few healthcare treatment areas in which it is seen by some as a genuine innovative force. CAR-T cell therapy – which involves extracting immune cells from a patient, modifying them, and then returning them to the host to attack tumors – is an area of focus alongside virotherapy.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.