China’s Hope Medicine raises $56m Series B
Chinese innovative drug company Hope Medicine has raised a $56 million Series B round jointly led by Qiming Venture Partners and Grand Flight Investment.
Other investors include HighLight Capital and Sinovation Ventures. Existing investor Trust Bridge Partners re-upped.
Based in Nanjing, Hope Medicine has R&D bases and offices in Shanghai and Beijing. The company was founded in 2018 by Rui-Ping Xiao, the dean of the College of Future Technology at Peking University, who is also an associate editor of the New England Journal of Medicine.
Hope targets the three major disease areas of women's health, as well as endocrine and cardiovascular diseases using independent R&D as well as license-in models. It has signed a global exclusive license agreement with Bayer AG for the development and commercialization of a human antibody (HMI-115) targeting the prolactin (PRL) receptor for the treatment of male and female pattern hair loss, endometriosis and other chronic diseases with dysregulated PRL signaling.
The company will develop and globally commercialize the novel PRL receptor antibody based on intellectual property from Bayer. At present, HMI-115 has completed phase-one clinical trials in the European Union, with positive safety results. Global phase-tow clinical trials for androgenic alopecia and endometriosis are planned to launch soon. The latest round of funding will support phase-two multi-regional clinical trials and commercial product development.
HaoYue Capital is the exclusive financial advisor for the Series B.
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