China drug developer BoomRay gets $43m

River Head Capital, Tianfu Sanjiang Asset Management, Puhua Capital, and Tsing Song Capital also participated.

The proceeds will be used to accelerate the clinical development and registration of various self-developed pipelines, accelerate construction of an R&D centre and production bases, as well as business development through partnerships globally.

BoomRay was incubated in 2018 by leading biotech company WuXi AppTec and a molecular engineering research institute of Peking University. It aims to commercialise the research results of the university.

The start-up focuses on targeted alpha therapy (TAT), which attempts to deliver systemic radiation selectively to cancer cells while minimising toxic effects. While radiation therapy is widely used in cancer treatment, its side effects are painful. TAT is positioned as an alternative.

The aim is to compete globally. Boomray products are all self-developed and said to have secured global intellectual property (IP) rights.

"Due to the high industry barriers, there is a big gap between China, and European and American countries in the targeted alpha therapy field. We hope to develop a new generation of drugs with independent IP as soon as possible to provide new diagnostic and therapeutic methods for conquering tumours," said Jiangbin Hu, chairman and CEO of BoomRay.

CEC Capital served as the exclusive financial advisor for this round.

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• Topics
• Greater China
• Healthcare
• Early-stage
• China
• Pharmaceuticals
• Sequoia Capital
• River Head Capital
• Tsing Song Capital