GenomePrecision Technology of Beijing completed a $15 million B round, led by Yizhuang Biomedical M&A Fund. A six-year-old company, GenomePrecision develops molecular diagnostic products including precision medicine tests. Its operations include R&D, ...


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Beijing GenomePrecision Raises $15 Million for Molecular Diagnostics

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.

GenomePrecision Technology of Beijing completed a $15 million B round, led by Yizhuang Biomedical M&A Fund. A six-year-old company, GenomePrecision develops molecular diagnostic products including precision medicine tests. Its operations include R&D, manufacturing, distribution, registration and services. The company has developed multiple series of tests for leukemia, lymphoma, transplant typing, solid tumor detection, pharmacogenomics, pathogen detection, cervical cancer products and research use. More details....

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HaiHe Pharma Forms Drug Development/Marketing JV with CSPC

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.

Shanghai HaiHe Pharma formed a JV with CSPC Pharma, a Shijiazhuang state-owned company, which will develop and commercialize five HaiHe clinical stage candidates. The assets include two cancer pain drugs, an anti-infective and two cancer treatments. One week ago, HaiHe announced it raised $146.6 million to support its portfolio. HaiHe merged with RMX Biopharma in 2018. HaiHe is conducting clinical trials on ten molecules and has five more in pre-clinical studies. More details....

Stock Symbol: (HK: 1093)

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Innovent to Test Tyvyt, its PD-1 Drug, with Two Chipscreen Drugs

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.

Innovent Biologics of Suzhou will collaborate with Shenzhen Chipscreen Biosciences to evaluate a combination of Tyvyt®, Innovent's China-approved PD-1 immunotherapy, with two Chipscreen products in patients with colorectal cancer. The two Chipscreen molecules are Chidamide, a China-approved HDAC inhibitor, and an Avastin biosimilar. Tyvyt® is registered in China for relapsed or refractory classical Hodgkin's lymphoma. Innovent is currently testing Tyvyt in more than twenty clinical trials including seven registration studies. Chidamide induces apoptosis by inhibiting the cell cycle. More details....

Stock Symbol: (HK: 01801)

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Week in Review: CStone's Hong Kong IPO to Raise $304 Million at $1.5 Billion Valuation Next Week

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.

Deals and Financings

• CStone Pharma of Suzhou will raise $304 million next week in its Hong Kong IPO at a valuation of $1.5 billion to advance fourteen clinical-stage oncology candidates;
• Shanghai HaiHe Biopharma, an oncology company with ten molecules in clinical trials, announced a $146.6 million funding;
• Burning Rock Biotech, a Guangzhou diagnostics company, closed a $126 million Series C financing led by GIC, the sovereign wealth fund of Singapore;
• Ascletis Pharma of Hangzhou led an $18 Series E financing in San Fransico's 3-V Biosciences and acquired rights to 3V's NASH candidate;
• Shenyang's 3SBio invested $15 million into Boston's Verseau Therapeutics and will develop Verseau's macrophage checkpoint modulators in China;
• Nanjing Bioheng Biotech, which focuses on cell therapy products, completed a $15 million Series A financing, with all of the funds invested by Decheng Capital;
• Guangzhou Magpie Pharma closed a $15 million B funding from Sangel Capital to develop drugs based on modernized formulations of proven TCM drugs;
• C-Bridge Capital in-licensed China rights to three biosimilars from Korea's Samsung Bioepis and formed AffaMed to develop the biosimilars;

Government and Regulatory

• China will reduce the Value Added Tax on 21 rare disease treatments to 3% and directed drug regulators to speed approvals for cancer drugs and foreign drugs that address unmet needs.

Stock Symbols: (HK: 1672) (HK:1530)

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Suzhou's CStone Pharma Schedules $304 Million Hong Kong IPO for Next Week

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.

CStone Pharma, a Suzhou oncology company, plans to raise $304 million in its Hong Kong IPO at a valuation of $1.5 billion. Even though CStone is just two and one-half years-old, it has 14 oncology programs underway, including nine in clinical or IND stages. CStone plans to file a China NDA on its lead candidate, a PD-L1 immunotherapy, later this year. CStone has reduced the IPO price 23% from the original range, though its valuation remains a 50% increase over the last venture funding. The IPO will be priced next week and begin trading on February 26, one week later. More details....

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More Recent Articles

Written by Richard Daverman, PhD, Executive Editor, Greg B. Scott.


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