Pharmacin Secures ￥100M in Series B1 Financing

(VCBeat) Feb. 24, 2021 -- Recently, Pharmacin announced that it has secured nearly ￥100 million in Series B1 financing from Kaitai Capital. The funds raised will be used to develop Pharmacin's technology and products, and accelerate the commercialization of its clinical products in the United States. 

Pharmacin, founded in 2016, is an international pharmaceutical company focusing on the R&D and industrialization of Best-in-Class drugs and improved preparation. It has set up a wholly-owned subsidiary in the United States and a domestic R&D and BD team. Pharmacin has independently developed a number of technologies including solid dispersion, self-emulsification, hot-melt extrusion, nanocrystalline materials and inclusion compounds. Meanwhile, the company holds dozens of PCT patents around its preparation technology and pipeline.

Pharmacin has established an R&D organization and management system in line with Chinese and American laws and regulations. Its R&D pipeline covers many therapeutic fields such as oncology, immunity, cardiovascular and cerebrovascular disease. Currently, two drugs are in clinical development in the United States, and four drugs are expected to be applied for clinical trials this year. The company's first product, HLK-1001, was approved to enter the clinical stage in the United States in September 2019. In 2020, the pilot trial of HLK-1001 was successfully completed and reached the expected clinical endpoint. At present, it has entered late-stage clinical trials and is expected to be approved to be marketed in the United States in 2023.

HLK-0006, jointly developed by Pharmacin and Insignis Therapeutics, Inc., was approved by the FDA for clinical trial in October 2020, and has completed enrollment of the phase 1 study.

Kaitai Capital, founded in 2009, is a professional investment management organization that mainly engaged in innovative investment, industrial investment, and wealth management business. Fields of investment include biopharma, healthcare services, agriculture tech, consumer business, digital technology and etc. Currently, the asset under management of Kaitai Capital has reached 50 billion RMB (USD$7.2B).