China drug developer Worg secures $57m Series B
Worg, a China-based drug developer, has closed a Series B round of CNY400m (USD57m) from five local investors - Jiachen Capital, Longpan Capital, Kaitai Capital, Puhua Capital and Anji Ruixing Capital.
Founded in 2018, Worg specialises in novel treatments for allergic and autoimmune diseases.
It is estimated that allergic rhinitis affects 500m people worldwide. First-generation therapy involves 50 injections or daily uninterrupted drip treatment over three years, while second-generation therapy comprises 18-36 injections. Wong claims to offer a new allergy immunotherapy treatment of only seven injections over three years.
The company's lead drug candidate has completed phase-two clinical trials and is in the preparatory stage for phase-three trials.
Worg is also looking to develop drugs targeting a variety of autoimmune diseases, specifically treatments that regulate the immune balance by inhibiting the production of auto-antibodies through the so-called “bystander suppression” pathway.
It has two products that have completed phase-one trials, and another that has been granted orphan drug designation by EU regulators.
CEC Capital acted as the exclusive financial advisor for the Series B round. The proceeds will be used to support clinical trials for existing products, new product development, and team expansion.
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